Downsizing?


Take advantage of the governments new downsizing and Super law.

“Many Australian retirees find that they want a smaller home, or a home more suited to their empty-nest requirements. For some Australians, selling the family home can be great way to release built-up equity to pay for retirement living expenses or in-home support that will allow them to stay at home longer. Older Australians are the people targeted by the Government’s new policy (now law), which allows homeowners aged 65 years or over to downsize their family home and invest the surplus into their super account. Although downsizing and contributing to super is an interesting idea, there are definitely some benefits and dangers – together with a few unknowns – to consider before taking the plunge. From 1 July 2018, Australians aged 65 years or older will be able to make a non-concessional (after-tax) contribution into their super account of up to $300,000 from the sale proceeds of their family home if they have owned the property for at least 10 years. The legislated rules indicate that the property sold must be the person’s home (main residence and be eligible for the main residence exemption for capital gains tax). Couples will be able to contribute up to $300,000 each, giving a total contribution per couple of up to $600,000. Any super contributions made using the new downsizing rules are in addition to any voluntary contributions made under the existing non-concessional (after-tax) contributions cap.” Obviously you should seek financial advise before doing anything with Super. However we can come and give you an appraisal first to give you a guide, before selling your home. Call Brett Coombs - 0421 323 699 or for a free downsizing guide : email brett@fncoombs.com.au.


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