Downsizer contributions

You're eligible to make a downsizer contribution to your super if:

• You're age 55 or over
• The money you're contributing is from the sale of your home
• You have not previously made a downsizer contribution to super from the sale of another home
• Your home has been owned by you and/or your spouse for 10 years or more. This is generally calculated from the date of settlement of purchase, to the date of settlement of sale
• Your home is in Australia and is not a caravan, houseboat or other mobile home, and
• Your home was at one time, the main residence for you and your spouse for tax purposes.^*

^*Your home is exempt or partially exempt from capital gains tax (CGT) under the main residence exemption or would be entitled to an exemption if the home was CGT rather than a pre-CGT asset (acquired before 20 September 1985). learn more about capital gains tax from the ATO.

• Download and complete the ATO's Downsizer contribution into superannuation form. When completing the form, you'll need to include your CBUS member number.
• If your spouse is also making a downsizer contribution, they'll need to have a separate super account and submit a separate 'Downsizer contribution into superannuation' form. 

Your downsizer contribution needs to be in your CBUS super account within 90 days of settlement.

In some circumstances, you may be able to request a longer period to make your downsizer contribution. Learn more in the Downsizer contribution fact sheet (PDF).

You can request an extension from the Australian Tax Office (ATO) before the 90-day period has expired. Read more about downsizer contributions from the ATO. 

If we don't receive your form prior to, or when you make your downsizer contribution, your contribution will be treated as a personal contribution, which has its own set of rules and limits. In some cases, this means your contributions may be returned to you, or it might be taxed at a higher rate. See the Making extra contributions fact sheet (PDF).

Make your downsizer contribution in one of the following ways: 

Electronic funds transfer

1. Send your completed 'Downsizer contributions into superannuation' form to: CBUS, Locked Bag 5056, Parramatta NSW 2124
2. Login to your CBUS account, go to 'Super' then 'Add to your super'
3. Scroll down to 'How to contribute' and 'Personal contributions' for the CBUS account details
4. From your personal financial institution, complete an electronic transfer for your downsizer contribution

BPAY®

1. Send your completed 'Downsizer contributions into superannuation' form to: CBUS, Locked Bag 5056, Parramatta NSW 2124
2. Login to your CBUS account, go to 'Super' then 'Add to your super'
3. Scroll down to 'How to contribute' and 'Downsizer contributions' to find your unique BPAY® Biller code and Biller reference
4. From your personal financial institution, complete a BPAY® transfer for your downsizer contribution

Direct Debit

1. Download and complete the Member direct debit request (PDF)
2. Send your completed 'Member direct debit request' AND 'Downsizer contributions into superannuation' forms to: CBUS, Locked Bag 5056, Parramatta NSW 2124

Cheque

1. Make a cheque out to CBUS Fund. Please include your full name and member number with the cheque
2. Send your cheque AND completed 'Downsizer contributions into superannuation' form to: CBUS, Locked Bag 5056, Parramatta NSW 2124

To make a downsizer contribution to your super, you only need to sell your home and meet the eligibility criteria (including having owned the property for 10 years or more). There’s no requirement to purchase another home.

To make a downsizer contribution you need to be 55 years or older – there’s no upper age limit. So if you’re 90 and sell your home to move into residential care, you can still make a downsizer contribution, providing you meet the eligibility criteria. 

You can make multiple downsizer contributions from the sale of your home, providing the total of all your contributions doesn’t exceed $300,000 or the total sale of your home (less any downsizer contributions your spouse has made). If you make multiple downsizer contributions or downsizer contributions to different super funds, you’ll need to provide a separate 'Downsizer contribution into super' form for each contribution.

Your downsizer contribution is not tax deductible and it may affect your Age Pension eligibility through the asset and income tests. 

Downsizer contributions are not subject to contributions tax. 

Your downsizer contribution doesn’t count toward your contributions caps and can be made even if your total super balance is greater than $2.1 million.

Your downsizer contribution amount will count towards your transfer balance cap when you move your super into retirement phase.

Your downsizer contribution will be included in the asset and income tests when determining your eligibility for the Age Pension.

A downsizer contribution can only be paid into a super account. If you’re no longer working and don’t have a CBUS super account, you can open a CBUS personal super account by joining CBUS online or calling us on 1300 361 784.

You can access your super, including any downsizer contributions you've made, when you reach age 65 or if you've reached age 60 and retired, or when you meet another condition of release. Find out more about how to access your super.