{"id":1725,"date":"2023-02-02T22:31:18","date_gmt":"2023-02-02T22:31:18","guid":{"rendered":"https:\/\/blog.villages.com.au\/?p=1725"},"modified":"2023-02-02T22:46:25","modified_gmt":"2023-02-02T22:46:25","slug":"over-55s-you-can-now-contribute-money-from-downsizing-your-home-into-your-superannuation","status":"publish","type":"post","link":"https:\/\/blog.villages.com.au\/money\/over-55s-you-can-now-contribute-money-from-downsizing-your-home-into-your-superannuation\/","title":{"rendered":"Over-55s: you can now contribute money from downsizing your home into your superannuation"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"1725\" class=\"elementor elementor-1725\">\n\t\t\t\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-9d5f032 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"9d5f032\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-f26bf90\" data-id=\"f26bf90\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-718adad elementor-drop-cap-yes elementor-drop-cap-view-stacked elementor-widget elementor-widget-text-editor\" data-id=\"718adad\" data-element_type=\"widget\" data-settings=\"{&quot;drop_cap&quot;:&quot;yes&quot;}\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.15.0 - 20-08-2023 *\/\n.elementor-widget-text-editor.elementor-drop-cap-view-stacked .elementor-drop-cap{background-color:#69727d;color:#fff}.elementor-widget-text-editor.elementor-drop-cap-view-framed .elementor-drop-cap{color:#69727d;border:3px solid;background-color:transparent}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap{margin-top:8px}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap-letter{width:1em;height:1em}.elementor-widget-text-editor .elementor-drop-cap{float:left;text-align:center;line-height:1;font-size:50px}.elementor-widget-text-editor .elementor-drop-cap-letter{display:inline-block}<\/style>\t\t\t\t<p>G<strong>ood news for over-55s looking to downsize: the Federal Government has lowered the age at which you can add a voluntary contribution from home sale proceeds into your super.<\/strong><\/p><p>Previously only open to those aged over 60, the downsizer scheme dropped its eligibility age to 55 as of 1 January 2023. This means that a single person over 55 can now contribute up to $300,000 from the sale of their home into their super account, while each member of a couple can also contribute $300,000, for a total of $600,000.<\/p><p><em><strong>\u201cThis is a really important way for Australians to boost their retirement savings if they downsize when the kids move out,\u201d<\/strong> <\/em>said Treasurer Jim Chalmers and Assistant Treasurer Stephen Jones in a statement.<\/p><blockquote><p>Expansion of the downsizer scheme allows more Australians to use the equity they\u2019ve built up in their homes to plan for retirement.<\/p><\/blockquote><p><strong>In order to contribute home sale proceeds into your super, you must:<\/strong><\/p><ul><li>Have owned the home in Australia for at least 10 years, and the disposal needs to be at least partially exempt from capital gains tax;<\/li><li>Have not made a previous downsizer contribution into your super from the sale or part sale of another home; and<\/li><li>Provide your find with the \u201cDownsizer contributions into super\u201d form before or at the same time as you make the contribution.<\/li><\/ul><p>For more information on eligibility and how to make a downsizer contribution,<strong> <a href=\"https:\/\/www.ato.gov.au\/Individuals\/Super\/In-detail\/Growing-your-super\/Downsizer-contributions-for-individuals\/\">visit the ATO\u2019s website<\/a><\/strong>.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Good news for over-55s looking to downsize: the Federal Government has lowered the age at which you can add a voluntary contribution from home sale proceeds into your super. Previously only open to those aged over 60, the downsizer scheme dropped its eligibility age to&#8230;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","om_disable_all_campaigns":false,"_mi_skip_tracking":false,"footnotes":""},"categories":[71],"tags":[77,136],"class_list":["post-1725","post","type-post","status-publish","format-standard","hentry","category-money","tag-financial-advice","tag-superannuation"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.villages.com.au/blog\/wp-json\/wp\/v2\/posts\/1725","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.villages.com.au/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.villages.com.au/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.villages.com.au/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.villages.com.au/blog\/wp-json\/wp\/v2\/comments?post=1725"}],"version-history":[{"count":4,"href":"https:\/\/www.villages.com.au/blog\/wp-json\/wp\/v2\/posts\/1725\/revisions"}],"predecessor-version":[{"id":1730,"href":"https:\/\/www.villages.com.au/blog\/wp-json\/wp\/v2\/posts\/1725\/revisions\/1730"}],"wp:attachment":[{"href":"https:\/\/www.villages.com.au/blog\/wp-json\/wp\/v2\/media?parent=1725"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.villages.com.au/blog\/wp-json\/wp\/v2\/categories?post=1725"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.villages.com.au/blog\/wp-json\/wp\/v2\/tags?post=1725"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}