WebThere are four broad steps that need to be taken if a member would like to be eligible to make downsizer contributions. Step 1: Eligibility. The first step the member needs to … WebFeb 9, 2024 · With the downsizer eligibility age now much lower, professionals need to be extra careful where downsizer and non-concessional contributions are being used simultaneously, says a technical expert. Speaking in a recent webinar, Smarter SMSF chief executive Aaron Dunn said with the eligibility age for making downsizer contributions …
Downsizer contributions to SUPER — PR Jennings Pty Ltd
WebJun 23, 2024 · What is a downsizer contribution? From 1 July 2024, if you’re aged 60 years or older you may be eligible to make a downsizer contribution of up to $300,000 (or $600,000 for a couple) to your superannuation fund from the proceeds of the sale of your home where specific requirements are met. WebFeb 12, 2024 · The eligibility age for downsizer contributions reduced from 60 to 55 from 1st January 2024. This means if you are age 55 or older, you could invest the proceeds … ritchie construction big river
Downsize - Definition, Meaning & Synonyms Vocabulary.com
WebJun 24, 2024 · Since 1 July 2024, the Government has allowed Australians to make a contribution of up to $300,000 from the proceeds of sale of their home provided the eligibility requirements are met. In this article, we examine the eligibility requirements and other compliance and estate planning considerations relevant to downsizer contributions. WebJun 28, 2024 · Step 1: Eligibility. The first step the member needs to take is to confirm that the amount they wish to contribute will constitute eligible downsizer contributions. Broadly, an eligible downsizer contribution is where: the contribution is made to a complying super fund by a member aged 65 years or older; the amount is equal to all or part of ... WebBy Colin Lewis, Head of Strategic Advice, Fitzpatricks Private Wealth. March 2024. Ensure you get it right when making a ‘downsizer contribution’. If you sell your home and are aged 55 or more, you can make a ‘downsizer contribution’ to super provided you meet the eligibility criteria. Prior to 1 January, you needed to have been 60 or more. ritchie compass repair service