Homeowners aged 65 years or over are now able to downsize their family home and invest the surplus into the tax effective environment of superannuation.
The sale of the property must be from 1 July 2018 and the property must have been owned for at least 10 years and be the principal place of residence (hence eligible for the main residence exemption for capital gains tax).
Up to $300,000 per person from the sale proceeds of the family home can be contributed to superannuation.
To learn more, click here to read the detailed article by Kate O’Brien.