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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 contribute to your super when you sell your primary residence. You can 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 2020-21, more than 730 QSuper members made downsizer contributions, with the average contribution around $219,000.
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. 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.