Changes to Super

The release of the 2022-2023 Federal Budget has had minimal impact on the current superannuation system.

One noticeable amendment is the reduction of the eligible downsizer contribution age from 60 to 55.

The downsizer contribution allows people to make a one-off after-tax contribution to their super of up to $300,000 per person from the proceeds of selling their home. Importantly these contributions do not count towards non-concessional contribution caps and both members of a couple can contribute, so it can be a very attractive strategy if you are looking for a smaller home once the kids have moved out and you want to grow your super.

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