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COVID-19 resources -Update July 2020
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Extra Tools & Resources for our clients.
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Related-party property development concerns — Part 1
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The value of financial advice
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A super catch-up plan
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Court decides on taxable capital gains distributions
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Retirement income framework deferred due to COVID-19
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ATO extends initial JobKeeper payment deadline
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ATO releases JobKeeper alternative test
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Our Website, your resources
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Consumer satisfaction up for SMSFs, down for industry funds
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Superannuation for younger investors
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How to stay the course in retirement
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COVID-19: Early Childhood Education and Care Relief Package
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Government announces mandatory code for rent relief
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ATO clarifies COVID-19 rent relief concerns
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SMSFs in the ATO firing line
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Avoid SISR traps in early access to super scheme
Downsizer Super Contribution

Australians who are 65 years old or older may make a downsizer contribution into their superannuation of up to $300,000 from the proceeds of seeling their home.

       
 
The downsizer contribution can still be made even if the contributor has a total superannuation balance (TSB) greater than $1.6 million.
 
A few points are:-
 
  • will not affect the TSB until 30 June at the end of the financial year
  • can only be made for the sale of one home
  • not tax deductible and will be taken into account in determining eligibility of the Age Pension
  • there is no requirement to purchase another home 
  • must have held an ownership interest in the home for 10 years 
  • limited to the lesser of $300,000, or the total capital proceeds received from the sale of the interest in the home
  • can be both owners (i.e. $300,000 each)
  • within 90 days of the change of ownership.
 
Early planning will ensure you don’t miss the boat.
 
 
 
 
 
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Pattinson Financial Services Pty Ltd ABN 17 121 851 376 is a Corporate Authorised Representative of Infocus Securities Australia Pty Ltd
ABN 47 097 797 049 AFSL and Australian Credit Licence No. 236523

Tel: +61 2 8850 6888 | Fax: +61 2 8850 6407 | Toll Free 1300 466 637 | PO Box 6253 Baulkham Hills BC NSW 2153

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