Downsizing super exemption not enough without age pension exemption

A possible Budget measure to exempt the proceeds of downsizing homes from the superannuation contribution caps will not be effective without there also being an exemption from the age pension tests, says National Seniors Australia.

The Government is reportedly considering allowing people who downsize their homes to contribute an amount to superannuation outside of the non-concessional contribution caps or the Transfer Balance Cap in the upcoming 2017/18 Budget. Though this would not be eligible for an exemption from the age pension tests. Read more...

Proceeds from downsized home may be exempted from super caps in Budget

The Government is reportedly considering allowing exemptions from contributions caps and the Transfer Balance Cap for people who downsize their home and contribute the proceeds to superannuation.

This is the latest in a series of pre-budget reports. Most recently there were reports of different ways in which first home buyers may be allowed to access their superannuation, though these ideas may have been dropped.

According to a report in the Australian Financial Review the Government may include in the Budget an exemption from the $1.6 million Transfer Balance and the non-concessional contributions caps from the sale of a “large family home”. Read more...