Tax Savings Strategy 215 – Super Contributions from Downsizing
A person aged 65 or over can make a non-concessional contribution into superannuation of up to $300,000 from the proceeds of selling their principal residence (if they have owned it for at least 10 years). This is available to both members of a couple for the same home.
This strategy is available from 1st July 2018 and the contributions are exempt from the age test, work test, contribution caps, and $1.6m superannuation balance test for making non-concessional contributions. This strategy is ideal for superannuants over 75, because under the current rules they cannot make any non-concessional super contributions.
"You’d be stupid not to try to cut your tax bill and those that don’t are stupid in business"
- Bono: U2