Making downsizer contributions

Your client can make a downsizer contribution into their account if they’ve met certain eligibility criteria including:

  • being 55 years or older at the time of the contribution
  • the dwelling was owned by your client or their spouse for 10 years or more before the sale
  • the home is in Australia and is not a caravan, houseboat or other mobile home
  • the proceeds from the sale are exempt or partially exempt from Capital Gains Tax (CGT) under the main residence exemption
  • the downsizer contribution is made within 90 days (or longer period as allowed by the ATO) of the sale (usually at the date of settlement)
  • no previous downsizer contributions have been made to super from the sale of another home or from the earlier partial sale of your client’s home
  • the Downsizer contribution into super form (NAT 75073) is provided either before or at the time of making the downsizer contribution.

A downsizer contribution has its own cap and is equal to the lesser of $300,000 and the total capital proceeds from the sale.

How much can your client contribute?

A downsizer contribution has its own cap. Your clients can contribute up to $300,000 each, as long as the amount does not exceed the capital proceeds from the sale.

How to contribute

Your clients can make a downsizer contribution into their Macquarie Wrap super account using direct debit. Complete the Direct debit request form and a Downsizer contribution into super form (NAT 75073) available at the ATO website and send to us at wrapsolutions@macquarie.com.

Important: Please note, we must receive the completed form from you before we receive the funds.

We can’t accept downsizer contributions via BPAY or direct credit.
 

Requesting an extension of the 90-day timeframe for the contribution

If your clients are unable to make the downsizer contribution within the 90-day timeframe from the point of sale of the property, they may be able to request an extension on this timeframe by contacting the ATO directly.

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