Boost your super by downsizing
As you approach retirement, you may be looking for ways to boost your super savings.
However, the strict limits on contributions to super make it difficult to significantly increase your super later in life. The exception is a downsizer contribution for eligible members, which lets you put money from the sale of your home into super in a tax-effective way that doesn't affect the other contribution caps.
Which ESSSuper accounts can you make a downsizer contribution to?
An ESSSuper Defined Benefit Fund is not eligible to receive a downsizer contribution. The ESSSuper Accumulation Plan can receive a downsizer contribution. Making a contribution to your super fund ensures the money is retained in the low tax superannuation environment.
Who is eligible, and what else do you need to know about downsizer contribution?
Please refer to our Downsizing contributions into super (FS032) fact sheet, available on the Publications page of our website, for information on eligibility, restrictions, how to apply, impacts to the Age Pension Asset Test, and case studies.
Where can you find out more?
We understand planning for your future can be a daunting task, that's why we recommended that you seek independent financial advice. ESSSuper offer a financial planning service.* Our qualified Financial Advisers not only understand the unique complexities of your ESSSuper funds, but are also able to advise on more than just your super.
The first step is to check the ATO website to determine if participating in this scheme is the best option for you. For general advice or information, you can always talk to one of our Member Education Consultants.
If you'd like to have a one-on-one, personal appointment to discuss your circumstances, please contact us.