When supporting clients to make a downsizer contribution to super, getting the form and timing right is critical to avoid delays or rejected contributions.
Ensure when a client makes a Downsizer super contribution, they provide the approved Downsizer contribution into super formThis link opens in a new window (NAT 75073) – or the fund’s own equivalent form –to the super fund before they make the contribution. If a super fund issues its own version, check it contains all information required in the ATO-approved form.
Superannuation funds can't accept a downsizer contribution notice after the contribution's been made.
Importantly, the form should not be sent to us under any circumstances. It must be lodged directly with the super fund.
If a downsizer contribution can't be made within 90 days of receiving the sale proceeds, the individual may request an extension of time. This should be lodged as soon as possible after receiving the proceeds; ideally within 90 days.
To request an extension on behalf of an individual, contact us on the ATO registered tax agent line. Extension requests can only be completed by phone.
If the 90-day period has passed, don't make the contribution until we've approved the extension of time. If you disagree with our decision, you can lodge an objection.
Getting this right upfront helps ensure contributions are accepted and processed correctly saving time for you and providing certainty for your clients.