Contributing the proceeds of downsizing to superannuation
A person aged 65 or over will be able to make a non-concessional contribution of up to $300,000 from the proceeds of selling their home which they have owned for a minimum of 10 years.
The making of the contribution will be exempt from the age test, the work test and the $1.6 million total superannuation balance test, but will not be exempt from the $1.6 million transfer balance cap.
From 1 July 2018
Integrity of limited recourse borrowing arrangements
The use of limited recourse borrowing arrangements (LRBAs) will be included in a member's total superannuation balance and transfer balance cap.
From 1 July 2017
For more information on how any of these measures might affect you, please contact your Goodwin Chivas & Co. representative.