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downsizer contribution eligibility

Newbie

Views 629

Replies 2

I am downsizing my property where I've lived for 30 years, subdividing it into 2 lots, and plan to sell the block without the house. Will proceeds from this sale be eligible for super contribution?

1 ACCEPTED SOLUTION

Accepted Solutions

Most helpful response

Taxicorn

Replies 1

@PK2 

 

Won't be eligible for a downsizer contribution as the sale does not include a dwelling.

 

Item 8

 

But depending on circumstances you may activate a roll forward contribution up to $300,000 and also take advantage of the roll forward concessional contributions from 2018 onward and claim some as a tax deduction making them non-concessional and reducing your taxable income because there will Capital gains on the land when you sell it.

 

You would also be best to wait for 12 months after splitting the title to sell it to get 50% discount.

2 REPLIES 2

Most helpful response

Taxicorn

Replies 1

@PK2 

 

Won't be eligible for a downsizer contribution as the sale does not include a dwelling.

 

Item 8

 

But depending on circumstances you may activate a roll forward contribution up to $300,000 and also take advantage of the roll forward concessional contributions from 2018 onward and claim some as a tax deduction making them non-concessional and reducing your taxable income because there will Capital gains on the land when you sell it.

 

You would also be best to wait for 12 months after splitting the title to sell it to get 50% discount.

Newbie

Replies 0

Great. Thanks @macfanboy