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Downsizer contribution

Newbie

Views 194

Replies 1

My wife and I are 68 and retired.

We want to downsize our home and put the difference in our meagre super savings.

We've only been in this house for 7 years. Is there any room for flexibility on the 10 years requirement?

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Accepted Solutions

Most helpful response

ATO Community Support

Replies 0

Hi @Claude1953,

 

Unfortunately, there is no exception to the 10 year rule. As per the Eligibility for the downsizer contribution, your home must be owned by you or your spouse for 10 years or more prior to the sale – the ownership period is generally calculated from the date of settlement of purchase to the date of settlement of sale.

 

Links

Eligibility for the downsizer contribution

1 REPLY 1

Most helpful response

ATO Community Support

Replies 0

Hi @Claude1953,

 

Unfortunately, there is no exception to the 10 year rule. As per the Eligibility for the downsizer contribution, your home must be owned by you or your spouse for 10 years or more prior to the sale – the ownership period is generally calculated from the date of settlement of purchase to the date of settlement of sale.

 

Links

Eligibility for the downsizer contribution