From 1 January the age to qualify for a concession to top up super with proceeds of a house sale will be reduced from 60 to 55.
Announced one week out from the May 2022 election by the Morrison government, Labor matched the pledge and legislated it after its election win.
If you have reached the eligible age, you may be able to contribute up to $300,000 from the proceeds of the sale (or part sale) of your home into your superannuation fund.
The eligible age is as follows:
- From 1 January 2023, 55 years old or older
- From 1 July 2022, 60 years old or older
- From 1 July 2018, 65 years old or older
Click here to find more information from the ATO.
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By Wendy Chamberlain
Copyright 2023 | All Rights Reserved
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With a passion for all things real estate spanning 20 years, Wendy loves that her role as a Buyers and Sellers Advocate gives her buying and selling clients an experienced voice they can trust when it comes to negotiating to buy or sell something as important as their home or investment. Wendy considers it a privilege to be asked to help others realise such an important goal as home ownership and to be trusted with that honour. Get in touch today via www.chamberlainadvocates.com.au for a no obligation chat about how Wendy can work with you and help you save time and money to secure your new home sooner.