NOOSA SUPERANNUATION ADVISORS SUNSHINE COAST.
From 1 July 2018 a person aged 65 or over can make a non-concessional contribution into their superannuation fund of up to $300,000 from the proceeds of selling their principal place of residence.
To be eligible for the proposal, you must have owned the property for at least 10 years and occupied that property as your principle place of residence during that 10 year period. Additionally, if the property is jointly owned by spouses, the measure is available to both spouses for the same house. In essence $600,000 could be contributed to superannuation under this scenario.
These contributions are deemed to be non-concessional (therefore not taxed on the way into the super fund) and are also exempt from the age test, work test and the $1.6 million total superannuation balance test (that comes into force from 1 July 2017), and are also in addition to the standard contribution caps.
However if you are receiving a Centrelink age pension it is likely you will be negatively impacted because the contribution to superannuation will be counted as an asset for Centrelink purposes where previously this money was tied up in your principal place of residence, which is an exempt asset for Centrelink purposes.
This measure may sound attractive to some, however we strongly recommend you contact your Stratogen accountant to discuss the implications before proceeding.
More information : For advice regarding making non-concessional contributions into your superannuation fund, contact your Stratogen Accountant to discuss the implications of these changes.
Noosa Chartered Accountants and Financial Advisors.
Stratogen consists of a team of expert personal accountants and professional financial advisors serving individuals, businesses and corporations on Queensland’s Sunshine Coast.
We offer the full range of services expected of a leading edge accounting firm. Our personal services for individuals include accounting, tax returns, superannuation funds and financial planning, estate planning, insolvency services and asset protection. Our approach to both our clients is practical, open and honest.
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