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.