The ‘Contributing the proceeds of downsizing into superannuation’ (downsizing) measure was announced in the May 2017 Federal Budget, as one of the reforms introduced by the Australian Government to reduce pressure on housing affordability in Australia.
From 1 July 2018, if you’re aged 65 or over and meet eligibility requirements, you can contribute up to $300,000 from the sale of your family home into your super account.
This contribution doesn’t count towards your contribution caps and you won't be required to satisfy the work test that is normally required for people aged 65 who are contributing to their super.
You may be eligible to contribute up to $300,000 as an individual, or up to $600,000 as a couple (if both parties in the couple had an ownership interest in the home).
GESB Super and West State Super can both receive these contributions.
Other rules apply to the downsizer measure. For more information, please visit the ATO’s website.
Thank you for printing this page. Remember to come back to gesb.wa.gov.au for the latest information as our content is updated regularly. This information is correct as at 21 January 2019.