Do you want to add up to $300,000 to your Super ?
When you downsize and sell the family home, you can now make an after-tax contribution to your super of up to $300,000, using the proceeds from the sale of your principal place of residence.
It is always a good idea to speak to your accountant or financial planner to ensure this suits your retirement strategy by taking advantage of the proceeds of the sale of your home and boosting your Super benefits.
In July 2018 for those aged 65 and over you are now able to make a non-concessional contribution to your super of up to $300k regardless of your work status, super balance or contribution history.
If you are a couple, you can each contribute this $300k which means up to $600,000 per couple can be contributed towards your superannuation balance.
This incentive materialised out of the governments initiative to free up family homes that no longer meet your needs (kids left home and home too large etc) thus freeing up a home to meet the needs of a new family wanting to live in that area.
Technicalities to qualify include : contracts must be exchanged on or after 1 July 2018, the property needs to be principal place of residence at some point in time, you need to have owned the home for min 10 years and downsizer contributions made within 90 days of receiving the proceeds of sale.
Note, there may be means testing implications as a result of the downsizing contributions into your super and or additional rules so ensure you are informed prior to committing.