Tax Super Alert

Super Contributions for Sale of Your Principal Residence for the over 65’s

Legislation effective from July 1, 2018 allows a contribution into your super fund up to $300,000 per spouse.

This applies irrespective if you are: -
(1) Over the 1.6M cap
(2) Over 75
(3) Don’t meet the work place

To be eligible for the scheme you must be over 65 years and used the property sold as your principal residence for a period of at least 10 years.

Bizarrely you don’t appear to need a replacement residence and can up size rather than down size.

Please feel free to contact us if you would like to discuss this further.

Disclaimer - The material contacined in this newsletter does not constitute advice. LCP is not responsible for any action taken in reliance on any information contained in this newsletter. Anyone reading the newsletter should not act upon material contained in this newsletter without appropriate consultation.