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  • Downsizer contribution into super form

    When making a downsizer contribution, you need to complete the Downsizer contribution into super form. You must provide this form to your super fund when making, or prior to making, your contribution.

    Alternatively, super funds can design their own approved form, made available to members on their web site.

    If you make multiple downsizer contributions or contributions to different super funds, you must provide a form for each contribution.

    You must submit your form within 90 days of receiving the proceeds of sale unless you have an approved extension of time.

    The total amount of downsizer contributions you (each individual) can make is your share of the total proceeds received from the sale of your home up to a maximum of $300,000 (each).

    Note: If you sign a contract of sale prior to 1 July 2018, you are not eligible to make a downsizer contribution.

    In submitting your form, you are confirming that you have met all eligibility requirements.

    Next step:

    See also:

    Super funds approved form

    Super funds may choose to design their own form which can be made available to members on their web site.

    To be in the approved form, the form must contain the following elements:

    • Member or account holder’s superannuation fund details:
      • name
      • ABN.
       
    • details of individual member / account holder:
      • account number or client identifier in relation to their fund
      • tax file number
      • full name
      • address
      • date of birth
      • phone number.
       
    • If applicable, details of the member’s legal representative:
      • full name
      • address
      • phone number.
       
    • Amount of downsizer contribution.
    • Details of person making the signed declaration, including:
      • full name
      • address
      • phone number.
       
    • Acknowledgement that the individual meets all of the eligibility requirements to make a downsizer contribution.

    The form must contain a declaration with words to the effect of:

    • If lodged by member / account holder (in substance):
      • I meet all of the eligibility requirements to make a downsizer contribution and declare that the information contained in this form is true and correct.
       
    • If lodged by a personal legal representative (in substance):
      • I declare
        • This form has been prepared in accordance with information supplied to me by the applicant of this form.
        • I have received a declaration from the applicant stating the information provided to me to complete this form is true and correct.
        • I am authorised by the applicant to give this information to the super fund.
         
       

    The form may contain a written signature, or an electronic signature based on the super fund’s software.

    Note: While a member’s tax file number (TFN) may be required by a superannuation fund to accept the contribution, it is not a mandated field for the request to be in the approved form.

    In addition to the required contents of the form, super funds may consider including key messages for members, which may include:

    • Contracts of sale entered into prior to 1 July 2018 are not eligible.
    • Prior to making a downsizer contribution you may wish to seek financial advice.
    • Downsizer contributions will be included as a superannuation asset in the Pension Asset test.
    • Any contribution amounts over $300,000 will be ineligible as a downsizer contribution.
    • Downsizer contributions identified as ineligible will be re-reported as personal contributions which may result in you exceeding your non-concessional contributions cap.
    • By signing this form, you are confirming that you meet all the eligibility requirements to make a downsizer contribution.
    • Providing false or misleading information on this form may result in the ATO imposing an administrative penalty.

    See also:

    Last modified: 29 Jun 2018QC 56139