More Australians are now entitled to a top-up of their super. People over 55 are eligible to contribute to their super in 2023 as downsizing contribution eligibility is expanded.
More Australians can use the equity accumulated in their homes to fund retirement with the expansion of the downsizer scheme.
The scheme was previously only available to people over 60.
Selling a home can now result in the contribution of $300,000 to superannuation accounts for Australians 55yrs and over.
A couple over 55 years of age can each contribute $300,000 from the sale of their home, up to a total of $600,000.
Young families and individuals looking for a home will benefit from the downsizing scheme which is expected to aide housing availability.
More information is available on the Australian Taxation Office’s website. SMSF client should contact our office with any questions
