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Downsizing family home and supplementing super - conditions

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Newbie

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The new law concerning downsizing the family home and supplementing superannuation which came in on 1st July discriminates against older retirees who have already had to downsize once in the past 10 years as a result of the GFC and a volatile share market for the past two decades commencing with the 9/11 Crash in 2001.   Now due to illness and surgeries our Superannuation has been seriously depleted and we have to downsize again this year.   Is there any provision possible for exemption from the ten year rule so that we can benefit from the new law?

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MVF
Devotee

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At this stage there are no exemptions to the current down sizing legislation and the ATO does not have anything to do with future legislative developments which is really is a matter for the Federal Government.

 

You can always have a general chat to the ATO about it, but your better off having a discussion with your local member of parliment.

 

ATO general super enquiries 13 10 20

 

 

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Best answer

MVF
Devotee

Replies 1

At this stage there are no exemptions to the current down sizing legislation and the ATO does not have anything to do with future legislative developments which is really is a matter for the Federal Government.

 

You can always have a general chat to the ATO about it, but your better off having a discussion with your local member of parliment.

 

ATO general super enquiries 13 10 20

 

 

Newbie

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Thanks MFV.  It's what I thought.  I just hoped that someone may have already done the leg-work. I'll start on the Pollies now.

I'm new

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While my circumstances are different to yours RJHM, I too am not impressed at this requirement.

I would very much like to sell my home to boost my super and to improve my standard of living.

I've approached my local MP (no reply yet) and COTA as well.

Newbie

Replies 0

Hi Puzzled

I have written to 17 members of Federal Parliament, the same letter, and received acknowledgement but no help from any other than Julie Bishop who informed me that my case had been forwarded onto the Assistant Treasurer.

I think that the only approach should be directly to the Treasurer/Assistant Treasurer the PM and their Opposition equivalents.  The Minister for Aging is a waste of time and I don't know about the Shadow Minister for Aging.

In the end it is a budget issue so I think that's where the pressure ought to be put.

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