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Submission: On August 20 via manual from AU
Submission: On August 20 via manual from AU
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Please enable JavaScript in order to get the best experience when using this site. Your browser does not meet the minimum browser requirements for this site. Visit whatbrowser.org to check your browser version and upgrade. Continuing to navigate the site could present security risks and will result in a degraded experience Close warning * Jump to main navigation * Jump to main content * Member * Employer * Adviser * About us * Contact us * Search * Member * Employer * Login * Back to main menu * Login * Member secure portal * Client secure portal * Join * Back to main menu * Join * Join Aware Super * Download Retirement Form * Login * Back to main menu * Login * Login * Register as an employer * My account * Back to main menu * My account * My account * logout * Superannuation Save now for a better future * Back to main menu * Superannuation * How superannuation works Learn more about how superannuation works * Getting your super sorted * Beneficiaries in super * How much super do you need? * Insurance in your superannuation Help safeguard your finances against the unexpected * Your insurance needs * Types of insurance cover * Start-up bonus cover * Make an insurance claim * Insurance in Super Voluntary Code of Practice * Your health and wellbeing * Adding to your superannuation How to add to your superannuation and retire better * Salary sacrifice * Personal contributions * Spouse contributions * Government co-contributions * Consolidate your super * Manage your superannuation account Everything you need to get your super sorted * Understanding your statement * Manage super online * Changing jobs? 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* About us * Contact us * Search * Back to main menu Login * Member secure portal * Client secure portal (formerly StatePlus) Login * Login * Register as an employer Login * Adviser secure portal My account * My account * Logout TURBOCHARGE YOUR SUPER IF YOU SELL YOUR HOME More downsizers may be able to retire with more by using the sale of their home to fund their retirement. Back * Blog * Turbocharge your super if you sell your home THE DOWNSIZER CONTRIBUTION SCHEME ALLOWS YOU TO RELEASE MONEY LOCKED UP IN YOUR HOME TO BOOST YOUR SUPER BALANCE AND INCREASE YOUR INCOME IN RETIREMENT. CURRENTLY IT IS AVAILABLE FOR PEOPLE AGED 65, BUT FROM 1 JULY 2022 IT IS PROPOSED TO BE EXTENDED TO PEOPLE AGED 60. * Print this article * Email this article * Share on Facebook * Share on Twitter * Share on LinkedIn HOW DOES IT WORK? If you sell1 your primary home, you may be able to make a ‘downsizer contribution’ to your superannuation of up to $300,000 from the sale. Up to 30 June 2022, you have to be 65 years or over to be eligible to make these contributions, but from 1 July 2022, you can be 60 years or over, provided the legislation is passed. Your downsizer contribution is not a non-concessional (after-tax) contribution and will not count towards your contributions caps. If you have a partner you can both take advantage of this measure, which means together, you could contribute up to $600,000 to super. Although it’s known as a downsizer contribution, you don’t have to buy a smaller house or even purchase another property at all. *Assumptions: 1. Based on a couple, making a ‘downsizer contribution’ at age 60 and retire at age 67 (assuming proposed changes to age eligibility is passed). 2. The ‘downsizer contribution’ is assumed to be invested in the Aware Super MySuper Lifecycle option from age 60-67, with annual returns being CPI +3.75% at age 60, gradually reducing to CPI +3% between the ages 60-65 (inclusive) and remaining at CPI + 3% for ages 65-66. CPI is assumed to be 2.5% p.a. 3. Starting from age 67 at retirement, the couple started an income stream which is invested in the Balanced Growth (pension) option with an assumed return of CPI + 3.5% p.a. 4. Starting from age 67 at retirement, the couple draw down to nil for 29 years until age 96 with a constant income in real terms. 5. Income is shown in today’s dollars adjusted by CPI inflation of 2.5% p.a. This example is for illustrative purposes only and is not intended to provide a forecast or guarantee on outcome. AM I ELIGIBLE TO MAKE A ‘DOWNSIZER CONTRIBUTION’? * From 1 July 2022, if the legislation is passed, you must be 60 years or older at the time you make a downsizer contribution. Currently, you can make a downsizer contribution from age 65. * You do NOT need to meet the work test. * You must not have previously made a downsizer contribution to your super from the sale of another home. * You or your spouse must own your home for 10 years or more prior to the sale. * You must have lived in the home as your main residence. * Your home must be in Australia and it cannot be a caravan, houseboat or other mobile home. * For the full set of eligibility criteria, visit the ATO website HOW DO I MAKE THE CONTRIBUTION? * If you decide to make a downsizer contribution, you need to complete a the ‘Downsizer contribution into super’ form either before or at the time of making your contribution. * You need to make your downsizer contribution within 90 days of receiving your sale proceeds. * Your downsizer contribution will count towards your total super balance and transfer balance cap (TBC). The general transfer balance cap is currently set at $1.7 million. The TBC might restrict future contributions and applies when you move your super savings into retirement phase. * Any downsizer contributions you make will be counted for the assets and income test applied by Centrelink so they could affect your eligibility for the age pension. WE'RE HERE TO HELP If you’re an Aware Super member and want to know how you could make the most of this measure, a superannuation adviser can answer your questions. Best of all, you don’t pay extra for this simple advice service2 – it’s all part of your membership. Book an appointment 1. For the purpose of a 'downsizer contribution', 'sell' means an exchange of contracts, not settlement. ↩ 2. Financial planning services are provided by our financial planning business, Aware Financial Services Australia Limited, ABN 86 003 742 756 AFSL No. 238430 ↩ Read more 2021 FEDERAL BUDGET Find out more about the key proposed changes below and what they could mean for you. These proposed changes will come into effect 1 July 2022. Read more Read more FOUR BIG TICKS FOR SUPER Some positives for super in a budget that increased spending in the sectors where our members work. Read more Read more NOW SAVE EVEN MORE FOR YOUR FIRST HOME Superannuation rules boosted to help you save for a bigger deposit through your super. Read more Read more ADDING TO YOUR SUPER WILL GET EASIER Removal of the work test means more flexibility and control of your money. Read more Close lightbox Prev Next AWARDS & RECOGNITION Download our app Fund Information Locate us Contact us Find a form Download our app Our family of sites Student club Women & super Careers State Super Members Start today Join us Partner as an employer Explore our blog Disclaimer Personal advice requires the provider to act in the client’s best interests and take into account the client’s circumstances. These rules do not apply to general advice. This communication contains general advice only and no personal advice. We have not taken into consideration any of your objectives, financial situation or needs or any information we hold about you when providing this general advice. Further this communication does not contain, and should not be read as containing, any recommendations to you in relation to your product. Before taking any action, you should consider whether the general advice contained in this communication is appropriate to you having regard to your circumstances and needs, and seek appropriate professional advice if you think you need it. Contact us to make an appointment to see one of our representatives. You should also read our product disclosure statement before making a decision about Aware Super. Call us or visit our website for a copy. Issued by Aware Super Pty Ltd ABN 11 118 202 672, AFSL 293340, the trustee of Aware Super ABN 53 226 460 365. Financial planning services are provided by our wholly owned financial planning business Aware Financial Services Australia Limited, ABN 86 003 742 756, AFSL No. 238430. You should read their Financial Services Guide before making a decision. View the general advice warning and conditions of use for this website. Unique Superannuation Identifier (USI): 53 226 460 365 001 Superannuation Fund Number (SFN): 272 632 944 Superannuation Product Identification Number (SPIN): FSS0100AU Aware Super © 2021 Site Map Terms and conditions Privacy Important information Cookies We use cookies to improve your experience on our site, including remembering your preferences, analysing traffic and tailoring advertisements. By using this website, you consent to the use of cookies in accordance with our Cookie Policy.