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After 1 July 2018, if you’re over 65 and sell a property, there may be a new opportunity to contribute more to super. If passed by parliament, effective from 1 July 2018, you will be able to use some of the money from the sale to make a ‘downsizer contribution’ to super.
The property does not need to be your current home. It can be your or your partner’s former home as long as you or your partner have owned it for more than 10 years and lived in it at some point in your life.
If you’re thinking of selling a property in the near future, please speak to your financial adviser first so you don’t miss this potential opportunity.
Please note there are further updates to the scheme. View the latest information on this article.