WebMay 7, 2024 · As long as the client meets the other eligibility criteria, (i.e. the home qualifies for at least a partial CGT main residence exemption and has been held for at least 10 years) they are eligible to make a downsizer contribution. However, the impact on the clients’ social security entitlements and aged care fees needs to be considered. WebMay 11, 2024 · A The scheme enabling downsizers to boost their superannuation when they sell the family home will now be extended to Australians aged 60. In the federal budget for 2024–22, the government has announced it will reduce the eligibility age to make downsizer contributions into superannuation from 65 to 60 years of age.
Further eligibility changes to downsizer contributions age
WebDec 9, 2024 · To be eligible to make a downsizer contribution you must be aged 65 or more at the time of making the contribution, which generally must be within 90 days of change of legal ownership - that is,... WebApr 14, 2024 · 74 Nirvana Avenue, Malvern East. Diamond-leadlight panes, pitched rooflines and contrasting battens lend a storybook Tudor look to this clinker-brick house. Its attic bedrooms and bathrooms fit ... mesotes of aristotle
Downsizer age reduction now in force - SMSF Adviser
WebThe home downsizer contribution allows people over age 60 to contribute the proceeds from the sale of their home into superannuation, up to an amount of $300,000 per person. This downsizing incentive scheme is designed to encourage you to release equity in your home and use the funds to assist in funding your retirement. WebJul 1, 2024 · Eligible individuals aged 55 years or older can make a downsizer contribution from 1 January 2024. For any downsizer contributions made between 1 July 2024 and 31 December 2024, eligible individuals must be aged 60 years or older at the time of making … WebFeb 21, 2024 · Downsizer contributions. You may be eligible to make a downsizer contribution of up to $300,000 ($600,000 for a couple) if you sell a home that you or your spouse owned for at least 10 years and contribute the proceeds within 90 days of settlement. The minimum age to make a downsizer contribution is now 55, down from … how tall is jayne kennedy