WebNov 4, 2024 · Because of the downsizer contribution in December, which resulted in increasing his total super balance to more than $500,000. He will not be able to utilise the carry forward concessional contribution to … WebJul 13, 2024 · From 1 July 2024, individuals 65 years of age or older who met the eligibility requirements could make a contribution of up to $300,000 from the proceeds of selling …
Eight changes to super you should know CHOICE
WebFor any downsizer contributions made between 1 July 2024 and 31 December 2024, eligible individuals must be aged 60 years or older at the time of making their contribution. Prior to 1 July 2024, the eligibility age was 65 years and over. Other important information to consider for 55-59 year olds: WebApr 1, 2024 · As downsizer contributions are not subject to an upper age limit or TSB test, holding off on making use of the downsizer contribution cap until the sale of an eligible property in the future may help to maximise total contributions to super, ... Based on contribution caps in 2024/23, and assuming the person is eligible for a three year bring ... red circles around eyes meaning
TechNews FAQ - March 2024
WebJan 1, 2024 · With Treasury Laws Amendment (2024 Measures No. 2) Bill 2024 receiving royal assent in mid-December last year, the eligibility age for making downsizer contributions has now been reduced to age 55 as of 1 January this year. ... Given that a downsizer contribution counts against an individual’s total super balance, Mr Burgess … WebStep 1: Eligibility. The first step the member needs to take is to confirm that their contributions will be eligible downsizer contributions. Broadly, an eligible downsizer contribution is where: 1. the contribution is made to a complying super fund by a member aged 65 years or older; 2. the amount is equal to all or part of the capital ... WebJun 23, 2024 · From 1 July 2024, if you’re aged 60 years or older you may be eligible to make a downsizer contribution of up to $300,000 (or $600,000 for a couple) to your superannuation fund from the proceeds of the sale of your home where specific requirements are met. Downsizer contributions can be a great way of boosting your … red circles .com