Harness the downsizer contribution without selling your home

There’s a new way for retirees to top up their super through the downsizer contribution without having to move out of their home – and it’s got the approval of the ATO.

The Australian Taxation Office (ATO) has confirmed that a part disposal of a home can work with the “downsizer” contribution, meaning SMSF retirees and regular retirees can simultaneously top up their superannuation savings and remain in their place of residence.
Fractional Property Investment company DomaCom Ltd shared the news in an ASX announcement, acknowledging that the ability to contribute the proceeds of downsizing part of a home into superannuation was one of several measures to improve housing affordability outlined in the 2017-18 budget.
New guidance from the ATO has confirmed this position, which is applicable to eligible individuals over the age of 65.

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