WebOct 27, 2024 · Schedule 3 — Reduced eligibility age for downsizer contributions Income Tax Assessment Act 1997. 1 Paragraph 292‑102(1)(a) Omit “65”, substitute “60”. 2 Application of amendment. The amendment made by item 1 applies in relation to contributions made on or after 1 July 2024. Schedule 4 — Work test reforms for … WebOct 28, 2024 · The Government is currently amending the tax and superannuation legislation to permit such contributions to b. Downsizer contributions are superannuation contributions which have been sourced from ...
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WebThis means that eligible individuals aged 55 years and older can now choose to make a downsizer contribution into their super fund of up to $300,000 per person or $600,000 per couple, from the proceeds of selling their home. ... Liability limited by a scheme approved under Professional Standards Legislation. We acknowledge the traditional ... WebTo reduce pressure on housing affordability, downsizer contributions provide an incentive for super fund members aged 65 years or older to sell a main residence. The Treasury Laws Amendment (Reducing Pressure On Housing Affordability Measures No. 1) Act 2024 (Cth) which introduces downsizer contributions received royal assent on 13 December 2024. healthy meals with red potatoes
Ensure you get it right when making downsizer contribution
WebNov 23, 2024 · When downsizer contributions were first introduced, they could only be made by people who were at least 65. That dropped to 60 from July 1, 2024 and, thanks to legislation that’s just been... WebSep 15, 2024 · Legislation introduced into parliament is seeking to lower the age threshold for the downsizer contribution from 60 to 55, just a month after it was lowered from 65 to 60. The change would mean thousands more older Australians could boost their superannuation savings by up to $300,000 (or $600,000 for a couple), outside the normal … WebThe maximum downsizer contribution that an individual can make is the lesser of: • $300,000 or • Proceeds received on the sale of one eligible property. Where members of a couple wish to make downsizer contributions in respect of the same dwelling, the total downsizer contributions made in respect of the same eligible property must not ... healthy meals with sauerkraut