A new type of superannuation contribution will be available to individuals from 1 July 2018, being the proceeds from downsizing the family home.
Announced in the 2017/18 Federal Budget, the contribution is allowed for individuals who are over 65, and is limited to $300,000 per person. For the contribution to be valid the exchange of contract needs to occur after 1 July 2018. The individual would need to be over 65 years of age on the date of the contribution.
These contributions are in addition to existing rules and caps and are exempt from the:
- age test,
- work test, and;
- $1.6m total superannuation balance test.
This is general advice only. Your personal circumstances have not been taken into consideration.
Source: CCH iQ Weekly Update 22 January 2018.