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  • CRT Alert 061/2018

    29 June 2018

    Downsizer contribution into super form requirements for funds

    When making a downsizer contribution, an individual will need to complete the Downsizer contribution into super form. They must provide this form to their super fund when making or prior to making, their contribution.

    You may choose to design your own form which can be made available to members on their website.

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

    1. Member or account holder’s superannuation fund details:
      1. Name
      2. ABN.
       
    2. Details of individual member / account holder:
      1. account number or client identifier in relation to their fund
      2. tax file number
      3. full name
      4. address
      5. date of birth
      6. phone number.
       
    3. If applicable, details of the member’s legal representative:
      1. full name
      2. address
      3. phone number.
       
    4. Amount of downsizer contribution.
    5. Details of person making the signed declaration including;
      1. full name
      2. address
      3. phone number.
       
    6. Acknowledgement that the individual meets all of the eligibility requirements to make a downsizer contribution.
    7. The form must contain a declaration with words to the effect of:
      1. 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.

    1. 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, and
    • 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 for you 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, you 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 may 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.

    Next steps:

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      Last modified: 02 Jul 2018QC 56162