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Sell your family home and grow your retirement savings
If you're ready to downsize your home, you may be able to put some of the money from the sale of your property to your super.
The Government's downsizer contribution measure allows you to make a one-off contribution to your super when you sell your family home. You can add up to $300,000 as an individual, or $600,000 as a couple (if you are both eligible), from the proceeds of the sale.
You won't pay tax on the downsizer contribution and it won't count towards your annual contribution caps. The contribution must be made within 90 days of the sale of your home, which is usually the date of settlement.
Lauren and Tim are both 66 and sold the family home they lived in for the last 12 years for $950,000. Under the downsizer contribution rules, they could add up to $300,000 each to their super accounts.
If their house sold for only $500,000, they could contribute up to $250,000 each to their super, or choose to top up the account with the lower balance by splitting the contributions – adding $300,000 to one and $200,000 to the other.
In 2021-22, more than 1,000 members with a QSuper account made downsizer contributions. The average amount was around $233,000.
The Australian Taxation Office (ATO) decides who can make a downsizer contribution. You may be eligible if:
Read the QSuper Downsizer Contribution factsheet (pdf) for more information.
1. You also meet this eligibility requirement where you would have been entitled to such an exemption, if the home was a CGT asset rather than a pre‑CGT asset (acquired before 20 September 1985). Members should seek professional advice in respect of their eligibility.