Budget 2017: Downsizing Encouraged
on 10 May 2017
One additional Budget 2017 announcement that will have some impact on the home modification sector encourages older Australians to downsize their home. Older Australians considering downsizing will be given flexibility to contribute up to $300,000 from the sale proceeds of their home into superannuation as a non-concessional contribution. This initiative requires that the home must have been owned for 10 years or more and each member of a couple may add up to $300,000 to their superannuation funds from the sale of one home.