Down­sizer rules

The Western Star - - Money Saver Hq -

What you need to know about the Govern­ment’s downsizing in­cen­tive

● You must be 65 or older when you make a down­sizer con­tri­bu­tion.

● The home must have been owned for 10 years or more prior to sale.

● Your home must be in Aus­tralia.

● The pro­ceeds are ex­empt from cap­i­tal gains tax un­der the main res­i­dence ex­emp­tion.

● You need to make the down­sizer con­tri­bu­tion within 90 days of re­ceiv­ing the pro­ceeds.

● You can­not have pre­vi­ously made a down­sizer con­tri­bu­tion.

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