Downsizing the family home
Contributions from downsizing
If you're 55 years old (60 years until 31 December 2022) or older and meet eligibility requirements, you may be able to choose to make a downsizer contribution into your legalsuper account of up to $300,000 from the proceeds of selling your home.
Existing contribution caps and restrictions will not apply to the downsizer contributions in the year in which the downsizer contributions are made, but the $1.9 million Transfer Balance Cap and Age Pensions means test will continue to apply and it will count towards total superannuation balance tests in later years.
You can only make downsizing contributions from the sale of one home and both members of a couple may take advantage of it. Other eligibility requirements apply.
Downsizer contributions are not tax deductible and will be taken into account for determining eligibility for the age pension. To see if you are eligible to make a contribution from downsizing visit the relevant ATO pages.