More people now eligible to make a downsizer contribution

In case you missed it, as of 1 January 2023, you’re now eligible to make a downsizer contribution if you’re 55.

The previous eligibility age was 60 (and prior to that, 65), meaning more individuals are now eligible to move into smaller accommodation.

This government initiative lets you contribute up to $300,000 as an individual or $600,000 as a couple to your super from the proceeds of selling your property.

The downsizer contribution government initiative was designed to help older Australians move out of homes that are now too big for their needs, and also free up houses for younger Australians looking to buy.

For more information speak with your Simmons Livingstone advisor on 1800 618 800 or via email at admin@simmonslivingstone.com.au.