A person aged 65 years or older will be able to make a contribution into superannuation of up to $300,000 from the proceeds of selling their main residence. This contribution will be outside the current non-concessional rules.
To be eligible to make the contribution, they must have owned their main residence for at least 10 years. This measure will apply from 1 July 2018. It is available to both members of a couple for the same home, even if only one is on the title deed.
These contributions are in addition to existing rules and caps and are exempt from the:
for making non-concessional contributions.
For further information please contact your RCB Advisors team member.
Source: Treasury Laws Amendment (Reducing Pressure on Housing Affordability Measures No. 1) Bill 2017; Budget Paper No 2, p 28.
