The home doesn’t need to be in both names and you can contribute even if you’ve already got $1.7 million in super or even if you’ve no retirement savings.
. My de facto partner and I who are in our 70s have been together for more than 15 years. We want to sell our city house to make a sea change. It is likely we will end up with about $400,000 that could be contributed to super. I have super in a self-managed fund that is paying us a pension, but she has none. Could this be an opportunity for her to join my fund and use this to start a pension? Roger.
The right each member of a couple has to make downsizer contributions from the sale of a family home is available to your partner, he says. One important condition is that the contributions to the super fund should be made within 90 days of the settlement of the property sale. The great appeal of a downsizer strategy is that it is available irrespective of any balance you may have in super and irrespective of your age. Where it is used to start a super pension, it can allow proceeds from the sale of a home that would end up in a taxable investment being transferred into a tax-free super income stream.
Q: I understand that the $300,000 downsizer contribution to super doesn’t count towards any contribution caps, but I want to be sure. I’m 62 and I propose to sell my home at the same time as an investment property on which I have made a huge capital gain that will see meas this will lift my income above $250,000.
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