Did you know?
“By downsizing, you can upsize your Super?”
If you need to increase your super balance for your own personal financial reasons then the new downsizer contribution can be of great assistance to you.
Whilst you are considering your options going forwards and you are wanting to boost what you have in Super, if you sell your home and you are aged 65 or more you can take advantage of one of the biggest changes coming to Superannuation … and that is contributing $300,000 or up to $600,000 into your own Super Fund.
A unique opportunity to add to your super (whether you are working or not) by making extra contributions of up to the lesser of the sale proceeds or $300,000 provided the home is your primary residence at some time and must have been owned for at least 10 years by you and/or your partner.
Further to this is that the new ruling applies for both the person owning the house as well as their spouse, meaning a couple could invest up to $600,000 into their Super.
No matter what your total Super balance is and so long as you are aged 65 or more, you may transfer up to $300,000 to boost your current super benefits and presents as a wonderful opportunity for when you wan to downsize into your new dwelling without any restriction on what you choose to downsize into.
It could be an investment property, a holiday home, aged care facility or even a larger replacement family home – you are not restricted!
If you are self funded and excluded from receiving a government pension due to exceeding the income/assets test but you plan to relocate for a sea or tree change or merely wish to maximise your super, you are now incentivised to do so.
There are many factors to consider and you should seek professional financial advice before making a downsizer contribution to ensure you maximise the opportunity and understand any reduction in age pension that may result.
Downsizer Services* can offer you a multitude of solutions to improve the value of your home before you sell it, thus allow you to improve on not only your Superannuation benefits but on your overall lifestyle by adding value to the end sale price of your home before you sell.
Would you rather be on a ‘worthless’ government pension and unable to maintain your home as it should be kept or live the life you want and deserve OR give yourself the opportunity of improving on your overall Financial Wellbeing and get to live how you wan to?