Downsizer Super Contributions Eligibility Age is Reduced to 55
The Treasury Laws Amendment (2022 Measures No 2) Bill 2022 will give effect to the Government’s election commitment to reduce the eligibility age to 55 (down from 60) to make downsizer contributions into super. Date of effect: will apply to contributions made from the first quarter after assent to the Bill.
Some of other eligibility criteria are:
- The home must be in Australia, have been owned by you or your spouse for at least 10 years and the disposal must be exempt or partially exempt from capital gains tax (CGT).
- You have not previously made a downsizer contribution to your super from the sale of another home or from the part sale of your home.
- Prior to (or at the same time) as making your contribution you must provide your fund with the ‘Downsizer contributions into super form’.
The amount is $300,000 for you and your spouse.