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  • Funds can accept downsizer contributions

    Funds are able to accept downsizer contributions from your members as of 1 July 2018, even though you may not be able to report them to us yet.

    Reporting via MATS

    If you are reporting downsizing contributions to us via Member Account Transaction Service (MATS), they will be reported to us once you on-board for MATS.

    This does not prevent you from accepting downsizing contributions now.

    Reporting via ATO Online portal

    If you are reporting downsizing contributions to us using the ATO Online portal, you will need to hold any re-reporting until the ATO Online Portal solution is delivered.

    This does not prevent you from accepting downsizing contribution now.

    Background

    The Contributing the proceeds of downsizing into superannuation measure was one of several announced in the 2017–18 Budget as part of the government's package of reforms to reduce pressure on housing affordability in Australia.

    From 1 July 2018, when your members are 65 years old or older and meet the eligibility requirements, they may be able to make a downsizer contribution into their superannuation of up to $300,000 from the proceeds of selling their home.

    Reminder: To be eligible, your members must complete the Downsizing contribution into super form before – or at the time of – making the contribution to you.

    See also:

      Last modified: 22 Aug 2018QC 56588