Downsizing your house just got a whole lot more appealing

Downsizing your house just got a whole lot more appealing

If you are over the age of 65 and considering downsizing your principal residence you now have access to the downsizer measure.

The downsizer measure allows you to contribute up to $300,000 each of the proceeds from the sale of your house into superannuation. This means you can grow your superannuation nest egg without having to meet the work test or be limited by the usual superannuation cap limits.

So why would you want to us the downsizer contribution? Well because superannuation is an extremely tax effective structure to house your retirement benefits. Not only will you pay zero tax in pension phase but your funds will also be invested in-line with your risk profile.

To be eligible for the downsizer measure you must be over the age of 65 and selling a home that you or your spouse have owned for 10 years or more. There are some additional requirements to consider so if you are seriously considering using this measure I would advise you to get in contact with me first so we can go through the nitty gritty.