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See how some of our members have contributed to their super by downsizing their homes.
Introduced on July 1, 2018 the downsizer super contributions measure allows eligible Australians to sell their primary residence and contribute money from the sale proceeds into super.
From 1 July 2022, the age at which retirees can downsize their family home and be able to contribute $300,000 to superannuation ($600,000 for couples) is 60 years. Other eligibility requirements apply for making downsizing contributions into superannuation.1
Downsizer contributions aren’t taxed, they don’t count towards an individual’s annual contribution caps and can still be made regardless of your superannuation balance.
However, making downsizer super contributions may not be suitable for everyone and financial advice may help to avoid potential tax and age pension penalties.
Learn more about downsizer contributions.
Retired members Buzz and Diane Cowie sold their family home of 34 years in Benowa on the Gold Coast in January 2019, downsizing to a 2-bedroom unit in Surfers Paradise. They contributed the maximum amount under the initiative from the proceeds of the sale to their super accounts.
“We already had a long-term plan in mind knowing we would need to sell and downsize one day, so we bought our Surfers Paradise unit a few years ago for that purpose. Once Diane turned 65 we wanted to travel more, so downsizing to the unit was the next option as I did not like leaving the house empty for long periods.
“I’d already heard about downsizer and knew it was available, so we spoke to our financial adviser. For us it was also an opportunity to consolidate Diane’s super accounts before making the downsizer contribution.
“Being able to make the contribution means a more comfortable lifestyle for us in retirement and [we think] a safe place to keep our money that gives us an income. If we need to withdraw it, we can.
“We love where we live now. The best part is that the area is central and close to the light rail which we use. It has a resort-feel with great views and is homely as the building is mostly owner-occupied.”
Check your eligibility to make a contribution – download the QSuper Downsizer Contribution factsheet
Complete the Downsizer Contribution into Superannuation form
Send us the form before or at the same time you make your downsizer contribution
Professional financial advice on your QSuper account is included with your membership.2
Find out more
This content is provided for information purposes only, and the opinions expressed are theirs alone and should not be taken as financial product advice. You should get professional advice before making an investment decision.
1. Australian Taxation Office, modified 28 February 2022, Downsizing contributions into superannuation, accessed 7 June 2022 at ato.gov.au
2. QInvest Limited (ABN 35 063 511 580, AFSL 238274) is a separate legal entity responsible for the financial services it provides. Eligibility conditions apply. Refer to the Financial Services Guide (pdf) for more information.
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