Since 1 July 2018, home-owners have been able to use the proceeds from the sale of their family home to make a non-tax-deductible contribution of up to $300,000 each (up to $600,000 per couple) into superannuation. This is known as a downsizer contribution. From 1 July 2023, the minimum age to be able to make a downsizer contribution has been reduced to age 55. This measure is aimed at providing retirees with greater flexibility around the selling of the family home and moving some of the proceeds into super to boost their retirement savings.
Some of the main details of this measure include: