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Contributing the proceeds of downsizing to superannuation

Posted by Northadvisory on September 11, 2017

New legislation to be introduced by the government is planning to give an allowance to all people over 65 the ability to contribute to super funds even after finishing work.

The measure, which is due to kick in on 1 July 2018, will allow people over 65 to contribute the proceeds of the sale of their home to super. The contribution is limited to $300,000 but for each person, meaning two owners could collectively contribute $600,000 into a concessionally taxed environment.

Also, there is no need to buy a new property either. If you have an existing house, or a holiday home, that can be considered downsizing too.

If you would like further information relating to this new measure in the tax laws, please do not hesitate to give us a call on (02) 9984 7774. We would be delighted to assist you in putting more money away for your retirement.

Martin van der Saag
Director
T: 02 9984 7774
E: martinv@northadvisory.com.au

Norman Ruan
Accountant
T: 02 9984 7774
E: normanr@northadvisory.com.au