Downsize your home, contribute to super

From 1 July 2018, Australians aged 65 years or older will be able to make a non-concessional (after-tax) contribution into their superannuation (up to $300,000 each) from the sale proceeds of their family home, if they have owned the property for at least 10 years.

This is fantastic news for many retirees who are looking at downsizing their home and thought that super was no longer an available option. Of course, like anything, there are several issues to consider before taking the plunge, so if you're thinking about making a move, you might want to read this 10-point guide for downsizers. Or just call Westmount on 9382 8885.

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