Downsizer contributions see strong take-up
Recent statistics released by the government show that there has been substantial use of downsizer contributions by older Australians, with the level of contributions having climbed to $1 billion.
From 1 July 2018, Australians aged 65 years or older have been able to make downsizer contributions of up to $300,000 into their superannuation from the proceeds of selling their house.
Downsizer contributions do not count towards the contribution caps and can be made even if an individual has a total super balance greater than $1.6 million.
Assistant Treasurer Michael Sukkar stated that contributions made under the measure have now reached $1 billion.
Recent data shows that a total of 4,246 individuals have utilised the downsizer measure. Around 55 per cent of the contributions have been made by females and 45 per cent from males so far, he said.
Individuals from every state and territory have utilised the measure; however, it has been most commonly used in NSW, Victoria and Queensland.
Miranda Brownlee is the deputy editor of SMSF Adviser, which is the leading source of news, strategy and educational content for professionals working in the SMSF sector.
Since joining the team in 2014, Miranda has been responsible for breaking some of the biggest superannuation stories in Australia, and has reported extensively on technical strategy and legislative updates. Miranda has also directed SMSF Adviser's print publication for several years.
Miranda also has broad business and financial services reporting experience, having written for titles including Investor Daily, ifa and Accountants Daily.