Downsizer contribution

Discussion in 'Wealth Creation & Management' started by mmm....shiney!, Mar 9, 2022.

  1. mmm....shiney!

    mmm....shiney! Administrator Staff Member Silver Stacker

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    From July 1 2022 the age eligibility to sell your house and park the proceeds of the sale (or part sale) into your super fund falls from 65 to 60.

    https://www.ato.gov.au/Individuals/...Downsizing-contributions-into-superannuation/

    o_O

    https://insideinvestor.com.au/the-biggest-contribution-changes-in-a-decade
     
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  2. spannermonkey

    spannermonkey Well-Known Member Silver Stacker

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    Another great plan by a government department.
    By a bunch of people with no life experience.
    Sounds like a great idea for those selling the package.
     
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  3. mmm....shiney!

    mmm....shiney! Administrator Staff Member Silver Stacker

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    This must have been planned long before the Covid induced property boom, it just takes so long for stuff to get passed by Canberra.
     
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  4. BlackSheep

    BlackSheep Well-Known Member Silver Stacker

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    As Barnaby will verify :rolleyes:
     
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  5. sargeatarms

    sargeatarms New Member

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    Hi,
    Old fella here with no understanding of complex things financial but; does this mean I can sell my house only, live in a granny flat, still own all the land and put the proceeds in to a super account?
     
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  6. mmm....shiney!

    mmm....shiney! Administrator Staff Member Silver Stacker

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    Not sure how you can separate the house from the land. But if say your kids buy everything off you then I can't see how you couldn't live in the granny flat and park the proceeds in your super. Best to ask an accountant.
     
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  7. Shaddam IV

    Shaddam IV Well-Known Member Silver Stacker

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    The day that politicians began referring to Australia's citizen's superannuation savings pool as a "valuable national asset" and handed over much of the control over superannuation to the unions was the day that I had to wonder about whether putting your money in there was such a great idea.
     
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  8. sargeatarms

    sargeatarms New Member

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    Thanks Shiney, that makes more sense than the "from the proceeds of the sale (or part sale)" bit. don't have an accountant, yet lol
     
  9. madaw1

    madaw1 Well-Known Member

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    The Government is referring citizen's superannuation savings pool as a "valuable national asset" not your private asset. I'm just wondering if the Government can in Australia confiscate ( borrow) the Super just in case to cover the cost of War or some others events?...
     
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  10. Shaddam IV

    Shaddam IV Well-Known Member Silver Stacker

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    That is no doubt exactly how politicians see it. A huge pool of money just waiting for them to legislate it for their own purposes.
     
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  11. JohnnyBravo300

    JohnnyBravo300 Well-Known Member

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    It sounds like our social security that has already been spent but supposedly is solvent.
     
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  12. Ag bullet

    Ag bullet Well-Known Member

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    Glad I got $20K out of that scam during covid while they 'let' me access my own money.
     
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  13. Oddjob

    Oddjob Well-Known Member Silver Stacker

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    They don't have to confiscate it in the sense of "this is ours now"....they just have to change the level of tax payable on super contributions going in fro 15% to X% and also re-instate a level of tax payable on withdrawals...easy.

    Luckily we still live in a country where voting does count for something (one choice of evil over another) and superannuation is one of those scared cows now that if a Federal Govt starts tinkering with the income of those with non Govt super plans, they'd see a back lash at the ballot box next time around. If the Govt did confiscate super, I suspect we'd find ourselves living in a Soviet era style police state as such a move by a Govt would cause civil unrest across the board and the only way to stop that would be via marshall law in a one party state.
     
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