From 1 July 2022, the eligibility age for the beneficiary of the downsizer contribution was reduced from age 65 to 60. Now the Government has proposed that the eligibility age for the beneficiary of the downsizer contribution be further reduced from the current age 60 to age 55.
downsizer contributions
Downsizer contributions – evidence required by the auditor
Bill and Mary have just successfully made downsizer contributions of $250,000 and $290,000 to their Self Managed Superannuation Fund. As the close of the financial year is fast approaching and Bill wants to impress the auditor of the fund with his record keeping, what evidence must he obtain in relation to the downsizer contributions?
Federal Budget 2021 – Super Changes
The 2021 Budget can be summarised in one line – as a great budget for superannuation. The Budget sets out major beneficial changes for superannuation covering both contributions, legacy superannuation products, first home super saver scheme and residency issues for SMSFs.
Thinking of making a sea change or tree change?
Thinking of making a sea change or tree change? The rules have changed … for the better!
Downsizer contributions ready for 1 July
The downsizer contributions measure applies from 1 July 2018 and permits individuals to apply the proceeds from the sale of a current or former principal place of residence as an additional superannuation contribution.