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Downsizing contributions into super

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Newbie

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Hi - can I still make use of the downsizer contribution if I meet all the criteria but don't currently have super in Australia? Will a super fund let me open an account to do this?

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Most helpful response

ATO Community Support

Replies 1

Hi @SeanCh,

 

Thanks for posting.

 

You need to make sure you meet all the eligibility criteria to make a downsizer contribution. While having an open super account isn’t part of the eligibility criteria, you’ll need to set up a super account in order to make the contribution.

 

You’d need to have a chat to the super fund/s you’re considering opening an account with as the super funds may have rules about who can open an account.  You should also check with them that they’ll accept a downsizer contribution.

 

It’s also worth asking the super fund about any fees and charges you may incur in opening, maintaining and/or closing the account.

 

Thanks, NicM.

2 REPLIES 2

Most helpful response

ATO Community Support

Replies 1

Hi @SeanCh,

 

Thanks for posting.

 

You need to make sure you meet all the eligibility criteria to make a downsizer contribution. While having an open super account isn’t part of the eligibility criteria, you’ll need to set up a super account in order to make the contribution.

 

You’d need to have a chat to the super fund/s you’re considering opening an account with as the super funds may have rules about who can open an account.  You should also check with them that they’ll accept a downsizer contribution.

 

It’s also worth asking the super fund about any fees and charges you may incur in opening, maintaining and/or closing the account.

 

Thanks, NicM.

Newbie

Replies 0

Thanks NicM! Yes I've done a check and all the eligibility criteria apply. Next I'll speak with a couple of super funds about getting an account set up.

 

Thanks again