In the 2017 Federal Budget, the Australian Government announced an initiative which would allow Australians who are 65 years of age or older (and who meet the eligibility requirements), to choose to make a downsizer contribution in their superannuation of up to $300,000 from the proceeds of selling their home.
The new initiative came into effect on 1 July 2018. To assist eligible citizens with any questions they may have, the Australian Tax Office has released a document which provides guidance on the new measures for contributing the proceeds of downsizing to superannuation.
View the ATO’s downsizer contribution guidance notes.
For more information about downsizing contributions, visit the ATO website.