From 1 July 2018, if you are at least 65 years and meet the eligibility requirements, you may be able to choose to make a downsizer contribution into your SMSF of up to $300,000 from the proceeds of selling your home.
For more details on the eligibility of accessing the downsizer measure, please refer to: Downsizing contributions into superannuation
Recording in Simple Fund 360
Simple Fund 360 records the downsizer contribution to Account 24200/MemberCode under the More Details section.
Simple Fund 360 will only display this field if all of the following conditions are satisfied:
- The member making the contribution is aged 65 years or older
- The Date for the transaction is on or after 01/07/2018
Tracking contributions made
To track the total downsizer contributions made by each member of the fund:
Navigate to the Contribution Dashboard:
|From the Main Toolbar, go to Member.||
|Select Contribution Dashboard from the list.||
Under the Contribution Caps section, you are able to view the downsizer contributions made to date for each member of the fund.
This figure can be found under the Contribution Type > Downsizer (to date) row and the Contributions column:
Downsizer contribution into super form
Simple Fund 360 produces the required Downsizer contribution into super form when downsizing contributions have been made by any members of the fund.
To prepare the Downsizer Contribution Form in Simple Fund 360:
|From the Main Toolbar, go to Reports.||
Search for the Downsizer Contribution Form.