On 9 May 2017 the Government announced that from 1 July 2018, individuals aged 65 or over will be able to make a contribution to super of up to $300,000 from the proceeds of selling their home.
These contributions will not count towards the concessional or non-concessional contribution caps and the individual making the contribution will not need to meet the existing maximum age, work or $1.6m balance tests for contributing to super.
The home sold must have been owned by the individual for the past ten or more years and have been the principal residence of the individual. Both members of a couple can contribute to super under this policy from the proceeds of the sale.
Legislation and supporting material
The Treasury Laws Amendment (Reducing Pressure on Housing Affordability Measures No. 1) Bill 2017External Link was introduced to Parliament on 7 September 2017.