Later in life, you may find yourself wanting to downsize your family home into something smaller or more suited to your changed needs.
The downsizer contribution allows eligible Australians aged 55 or older to sell their home and contribute up to $300,000 ($600,000 for couples) of the proceeds into their super.
Boost your super - Downsizer contributions give your super an instant boost to your balance in retirement.
Start an income from your super in retirement - Downsizer contributions allow you to take advantage of a tax-free source of income by using the wealth from the sale of your home to provide for your income needs in retirement.
To make a Downsizer contribution:
*Since 1 January 2023, the age reduced from 60 to 55.
If you value the experience of experts in other aspects of your life, don't discount it when it comes to your financial well-being, including your super. A financial adviser can help you identify ways to grow your super. So, start the conversation to see how a financial adviser can help you. If you don’t have one, give us a call and we can help you find one near you.
Consolidating your super by bringing it together in one place can be one of the most effective ways to grow your super, by no longer paying multiple fees and potentially multiple insurance premiums.
Voluntary contributions are money that you contribute into your super from your after-tax income or other money that you can invest. These are also known as non-concessional contributions.
Do you have more super than your spouse? You could add to their super and both enjoy the benefits of less tax and more super for retirement.
There’s a solution if you feel like you’ve missed the boat when it comes to building your retirement savings due to expenses or time-out raising kids, study or parents’ aged care.
If you’re a lower or middle-income earner, you might be eligible to receive a Government boost to your super.
If you can afford to give up some of your salary to grow your super, and your employer allows, you can arrange for ‘salary sacrifice’ contributions.
The information on this web page is of a general nature only and has been prepared on behalf of the Trustee without taking into account your objectives, financial circumstances or needs. Before acting on any of this information, you should consider whether it is appropriate to your objectives, financial circumstances and needs, and seek appropriate professional advice. You should not rely on this information to determine your voluntary tax obligations, please consult a registered tax agent for this purpose.