CRT Alert 013/2022

From 1 January 2023, you can accept eligible downsizer contributions from members who are aged 55 years and over.

Changes to downsizer contributions starting 1 January 2023

The Treasury Laws Amendment (2022 Measures No. 2) Bill 2022, to enable individuals aged 55 and above to make downsizer contributions received royal assent on 12 December 2022.

This means from 1 January 2023, you can accept eligible downsizer contributions from members who are aged 55 years and over.

There are no changes to any of the other existing eligibility criteria.

Remember, you must receive the downsizer contribution form from your members either at the time or before they make the actual downsizer contribution.

What you need to do

You can only accept eligible downsizer contributions for members aged 55–59 on or after 1 January 2023.

You can continue to accept eligible downsizer contributions for those aged 60 years and over in the meantime.

You may need to update your systems and member information to reflect this change.

If you have further enquiries on this matter, lodge a request using the Super Enquiry ServiceExternal Link.