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Meg Heffron

Tips and traps of downsizer contributions from 55

They’re valuable because it doesn’t matter how much you have in super, but beware of your timing –  especially when combined with other contributions.

Meg HeffronContributor

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It’s worth paying attention to new opportunities to get more into super after the lowering of the minimum age for downsizer contributions to 55.

Downsizer super contributions are one-off contributions people can make if they sell their home and meet a range of conditions (such as having owned the home for at least 10 years and never having used the downsizer rules before). Importantly, anyone who meets the conditions can make a downsizer contribution, no matter how much they already have in super. And the amount is potentially large – up to $300,000, or $300,000 each in the case of couples.

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Meg Heffron is managing director at SMSF specialist firm Heffron.

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    Original URL: https://www.afr.com/wealth/personal-finance/tips-and-traps-of-downsizer-contributions-from-55-20221123-p5c0rl