If you’re a baby boomer with a big house …
You’re being encouraged to sell it to make way for “younger, growing families”. From July 1, 2018, people aged 65 or over will be able to make a non-concessional superannuation contribution of up to $300,000 from the proceeds of their primary residence, provided they have lived there for at least 10 years.
The “downsizer” contribution, which both members of a couple will be able to take advantage of, is in addition to the current contribution rules and caps, and will be exempt from the existing age test, work test and the $1.6 million balance test for making non-concessional contributions.
Source:
http://www.news.com.au/finance/economy/federal-budget/budget-2017-what-it-means-for-you/news-story/23ef73b663adcfd96dd0976937bbd6c4
