Around 123,000 individuals have made downsizer contributions since the downsizer super scheme started in 2018, contributing $31.819 billion to super funds.
Eligible individuals aged 55 years old or over can contribute up to $300,000 from the sale of their home into their self-managed super fund (SMSF). Couples may be able to contribute up to $600,000 combined. Downsizer contributions do not count towards concessional or non-concessional contribution caps.
SMSF trustees should encourage members considering the sale of their home to check their eligibility before making a downsizer contribution.
For more information, visit ato.gov.au and search for downsizer super contributions.
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