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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 contribute some of the money from the sale of your property to your super.
The Government's downsizer contribution measure allows you to sell your primary residence and contribute up to $300,000 as an individual, or $600,000 as a couple (if you are both eligible), from the proceeds of the sale into your super.
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 2018-19 more than 320 QSuper members made downsizer contributions, with the average contribution around $220,000. A 65-year-old adding $220,000 to their super would be able to draw an additional tax-free income of $15,000 per year until age 88.1
Eligibility to make a downsizer contribution is determined by the Australian Taxation Office (ATO). You may be eligible if:
Read the QSuper Downsizer Contribution factsheet (pdf) for more information.
1. QSuper member data as at 31 July 2019. These figures are illustrative only and assume an earnings rate of 6.12%pa (net of fees and taxes) and the $15,000 in annual income being indexed to CPI each year.
2. You also meet this eligibility requirement where you would have been entitled to such an exemption, if the home was a CGT rather than a pre‑CGT (acquired before 20 September 1985) asset. Members should seek professional advice in respect of their eligibility.
3. QInvest Limited (ABN 35 063 511 580, AFSL 238274) is a separate legal entity responsible for the financial services it provides. Advice fees may apply. Refer to the Financial Services Guide for more information.