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How the Budget affects Downsizing

By Peter Hewitt

The budget states that people aged 65 or older will be helped to downsize their principal place of residence by the ability to contribute up to $300,000 into superannuation.

The incentive will be offered from 1 July 2018 to anyone aged over 65 who has owned their home for more than 10 years and will provide older Australians with a great opportunity to top-up their superannuation.

This will be a great planning tool for people who are over 65 and either have more than $1.6 million in super already or are no longer working, as they would otherwise be locked out of making contributions to super.

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