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Reducing the qualifying age for downsizer contributions

The Federal Government announced in the Budget that the qualifying age for downsizer contributions will be reduced from 60 to 55. The proposed start date is 1 January 2023.

Currently, downsizer contributions to superannuation can only be made by individuals aged 60 or older (prior to 1 July 2022, the minimum qualifying age was 65). The Government is proposing to (further) lower this age to 55. The Treasury Laws Amendment (2022 Measures No. 2) Bill 2022 has been introduced into Parliament to give effect to this measure. All other eligibility criteria for downsizer contributions remain unchanged.

For more information about the current eligibility criteria and the caps that apply, we recommend you visit the ATO website. We recommend you speak to a financial or tax adviser before making an investment decision.