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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