• Personal
  • Employers
  • Advisers
  • Calculators & forms
  • News Hub
  • Contact us
QSuper QSuper
  • Products
    • Why QSuper
    • Can I join QSuper
    • Investment options
    • Fees
    • Financial advice
    • Compare us
    • Insurance
    • Account types
      • Accumulation account
      • Transition to Retirement Income account
      • Retirement Income account
      • Lifetime Pension
      Why QSuper?

      A focus on strong performance

      More reasons to feel good
  • Super
    • Grow your super
      • Salary sacrifice
      • Super co-contribution
      • Voluntary contributions
      • Spouse contributions
      • Contribution caps
      • Tax deductions
    • Consolidate your super
    • Find your lost super
    • Changing jobs
    • Nominate beneficiaries
    • Early access
    • Seminars and education
  • Retirement
    • Why retire with QSuper
    • Retirement accounts
      • Transition to Retirement Income account
      • Retirement Income account
      • Lifetime Pension
    • Retirement planning
      • Make your super last in retirement
      • The Age Pension and Super
    • How much super do you need to retire
    • Access your super
      • When can you access your super
      • Withdraw your super
    • Seminars and education
      Award-winning

      SuperRatings' Pension of the Year 4 years in a row4

      Find out more
  • Investments
    • Investment options
      • Lifetime
      • Moderate
      • Balanced
      • Socially Responsible
      • Aggressive
      • Cash
      • Diversified Bonds
      • Australian Shares
      • International Shares
      • Self Invest
    • Performance
      • Overview
      • Graphs
      • Unit prices
    • Online investment advice
    • Compare options
    • Change your investment options
    • How QSuper invests
  • Insurance
    • Insurance options
      • Income protection
      • Total & permanent disability cover
      • Death cover
    • How much insurance cover do you need
    • Change or cancel your insurance
    • Make an insurance claim
  • Advice
  • Calculators & forms
  • News Hub
  • Contact us
Join
  • Call
Join Log In - Open navigation
Member Online

Forgot username?
Forgot password?
Register
 
Upcoming outage

Due to required maintenance, Member Online will be unavailable from 9:00pm on Saturday 20th August until 9:00am Sunday the 21st August. We apologise for any inconvenience.

Navigation

QSuper
  • Personal
  • Employers
  • Advisers
  • Search
  • Join Log In
  • Products Expand
    • Why QSuper
    • Can I join QSuper
    • Investment options
    • Insurance
    • Fees
    • Financial advice
    • Account types Expand
      • Accumulation account
      • Transition to Retirement Income account
      • Retirement Income account
      • Lifetime Pension
    • Compare us
  • Super Expand
    • Consolidate your super
    • Grow your super Expand
      • Salary sacrifice
      • Super co-contribution
      • Voluntary contributions
      • Spouse contributions
      • Contribution caps
      • Tax deductions
    • Find your lost super
    • Changing jobs
    • Nominate beneficiaries
    • Early access
    • Seminars and education
  • Retirement Expand
    • Why retire with QSuper
    • Retirement accounts Expand
      • Transition to Retirement Income account
      • Retirement Income account
      • Lifetime Pension
    • How much super do you need to retire
    • Retirement planning Expand
      • Make your super last in retirement
      • The Age Pension and Super
    • Access your super Expand
      • When can you access your super
      • Withdraw your super
    • Seminars and education
  • Investments Expand
    • Performance Expand
      • Overview
      • Graphs
      • Unit prices
    • Investment options Expand
      • Lifetime
      • Moderate
      • Balanced
      • Socially Responsible
      • Aggressive
      • Cash
      • Diversified Bonds
      • Australian Shares
      • International Shares
      • Self Invest
    • Online investment advice
    • Compare options
    • Change your investment options
    • How QSuper invests
  • Insurance Expand
    • Insurance options Expand
      • Income protection
      • Total & permanent disability cover
      • Death cover
    • How much insurance cover do you need
    • Change or cancel your insurance
    • Make an insurance claim
  • Advice
  • Your account Expand
    • Super Expand
      • Investments
      • Transactions
      • Statements & history
      • Consolidate
      • Add to super
      • Insurance
    • Profile Expand
      • Personal details
      • Security
      • Authorities
      • Employer
      • Beneficiaries
    • Online Advice
    • Self Invest
  • Calculators & forms Expand
    • Superannuation & Retirement Calculators Expand
      • Super and retirement planning calculators
      • Retirement planning
      • Insurance
      • Maximise your super
      • Savings
      • Investing
    • Forms Expand
      • All
      • Forms for claims, withdrawals, and transfers out
      • Forms for deposits, contributions and transfers in
      • Insurance forms
      • Investments
      • Transfer
      • Other forms
    • Publications Expand
      • PDS
      • Guides
      • Annual reports
      • Factsheets
      • Other publications
      • Target Market Determination
  • News Hub Expand
    • Category Expand
      • News
      • Superannuation
      • Retirement
      • Finances
      • Investments
      • Community
      • Wellbeing
      • Employer
  • Contact us Expand
    • Email QSuper
    • Language assistance
    • Browser support
    • Formal enquiries and complaints
    • FAQs – Frequently Asked Questions
    • QSuper Member Centres

News Hub

All Articles News Superannuation Retirement Finances Investments Community Wellbeing
News Hub Retirement

Australians 60 and over may use downsizer scheme to top up super

30 June 2022 5 min read

Eligible Australians aged 60 and over may be able to use some of the proceeds from the sale of the family home to top up their superannuation, under a change in the rules reducing the downsizer eligibility age from 65 years to 60.

Older couple painting

From 1 July 2022, the minimum age for the downsizer contribution is 60 years.1

Downsizer super contributions allow eligible Australians nearing retirement to make a one-off contribution of up to $300,000 per person (or $600,000 per couple) when they sell their family home.

Downsize your home to upsize your super

The downsizer scheme was introduced in the 2017-18 budget.

It now allows people aged 60 or over to make a one-off contribution to their super account worth up to $300,000 after selling their home, outside of the normal rules governing the tax treatment of super contributions.

Who is downsizing?

Australian Government figures showed that in 2018-19, the first year of the downsizer scheme, 4,246 individuals across Australia downsized from their family homes, contributing $1 billion to their superannuation funds.2

In 2019-20, the second year of the scheme, more than 520 members with a QSuper account made downsizer contributions, with the average contribution around $200,000 and an average age of 73. The total of these contributions was almost $97 million.3

How the downsizer contribution works

If you are eligible, the downsizer contribution is an amount of up to $300,000 that can be paid in to your super, from the proceeds of selling your home. If you have a spouse, the total contribution is up to $600,000 ($300,000 each).

Your downsizer contribution is not a non-concessional contribution and will not count towards your contributions caps.

People with balances over the transfer balance cap (which is $1.7 million) are also able to make a downsizer contribution, however the downsizer amount will count towards that cap when savings are converted to the retirement phase.

Who is eligible for the downsizer scheme?

You (and if applicable, your spouse) will be eligible to make a downsizer contribution to super if you can answer yes to all of the following:

  • You are 60 years old or older at the time you make a downsizer contribution (there is no maximum age limit).
  • You make your downsizer contribution within 90 days of receiving the proceeds of sale, which is usually at the date of settlement.
  • The amount you are contributing is from the proceeds of selling your home, where the contract of sale was exchanged on or after 1 July 2018.
  • Your home was owned by you or your spouse for 10 years or more prior to the sale (the ownership period is generally calculated from the date of settlement of purchase, to the date of settlement of sale).
  • Your home is in Australia and is not a caravan, houseboat, or other mobile home.
  • The proceeds (capital gain or loss) from the sale of the home are either exempt, or partially exempt from capital gains tax (CGT) under the main residence exemption, or would be entitled to such an exemption, if the home was a CGT rather than a pre‐CGT (acquired before 20 September 1985) asset.
  • You have provided your super fund with the Downsizer Contribution into Superannuation form either before, or at the time of making your downsizer contribution.
  • You have not previously made a downsizer contribution to your super from the sale of another home.

What could a Downsizer contribution mean for your retirement income?

The examples below show how utilising the downsizer scheme may impact your retirement. The examples are illustrative only.

A 60-year-old adding $200,000 to your super balance would be able to draw an additional tax-free income of $16,351 per year until age 88.4

A 60-year-old adding $300,000 to your super balance would be able to draw an additional tax-free income of $24,527 per year until age 88.5

Interested in making a downsizer contribution?

1

Check your eligibility to make a contribution – download the QSuper Downsizer Contribution factsheet

2

Complete the Downsizer Contribution into Superannuation form (pdf)

3

Send QSuper the form before or at the same time you make your downsizer contribution



1. Australian Taxation Office, modified 28 February 2022, Downsizing contributions into superannuation, accessed 7 June 2022 at ato.gov.au
2. QSuper member data.
3. Media Release, 28 June 2019, Downsizer contributions reach $1 billion, at ministers.treasury.gov.au
4. These figures are illustrative only and assume an earnings rate of 7.5% p.a. (net of fees and taxes) and the $16,351 in annual income being indexed to CPI each year. Figures have been rounded for ease of understanding. Members should seek advice regarding their own circumstances.
5. These figures are illustrative only and assume an earnings rate of 7.5% p.a. (net of fees and taxes) and the $24,527 in annual income being indexed to CPI each year.) Figures have been rounded for ease of understanding. Members should seek advice regarding their own circumstances.

Related Content
Retiring overseas Your guide to retiring overseas
07 Jun 5 MIN READ

What to think about if you’re considering an international retirement.

Read more
Lifestyle Superannuation
IF YOU ENJOYED THIS ARTICLE, YOU MIGHT ALSO LIKE...
Retiring overseas Your guide to retiring overseas
07 Jun 5 MIN READ

What to think about if you’re considering an international retirement.

Read more
Lifestyle Superannuation
deeming How deeming works
17 May 6 MIN READ

The government has changed deeming rates

Read more
Superannuation
How much to plan for retirement How do I plan for retirement
23 Mar 5 MIN READ

Everyone has a different idea of what they want to do when they retire, and it's never too early to start planning for your retirement.

Read more
Investments Superannuation
John Sharman Work for retiree John Sharman means living the dream
21 Mar 5 MIN READ

While many his age are kicking back and enjoying their super nest egg, John Sharman relishes the freedom to continue his career on his terms.

Read more
Career Lifestyle Superannuation
All Articles News Superannuation Retirement Finances Investments Community Wellbeing
  • Our products
    • Why QSuper?
    • Investment options
    • Fees
    • Insurance
    • Financial advice
  • Super & retirement
    • How much do you need?
    • Grow your super
    • Consolidate
    • Changing jobs
    • Seminars
    • Access your super
  • Investments
    • Performance
    • Unit prices
    • Graphs
    • Compare options
  • Calculators & Forms
    • Calculators
    • Forms
    • Publications
    • PDSs
    • TMDs
    • Member Outcomes Assessment
  • Contact us
    • 1300 360 750
      Mon-Fri 8.00am to 6.00pm AEST
  • About us 
  • Careers 
  • Sitemap 
  • Privacy 
  • Security 
  • Disclaimer 
  • Terms and conditions 
  • Disclosure 
We're part of Australian Retirement Trust
2020 awards
Facebook Twitter LinkedIn YouTube