Aged 65+ and downsizing? A new rule could save you tax.
From 1 July 2018, people aged 65 and over will be able to sell their main residence and then make a ‘downsizer’ contribution into superannuation of up to $300,000 from the sale proceeds of their main residence.
Both members of a couple can take advantage of this measure, allowing a total amount of $600,000 to be contributed to superannuation per couple.
This new rule trumps other current rules which prevent many over-65s from making contributions to superannuation (such as the work test, the age 75 limit, and the $1.6 million balance test).
Why is this a good initiative for these people?
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