Expanding eligibility to downsizer measures: Legislation has been introduced to reduce the downsizer eligibility age from 60 to 55. This measure will take effect from the first quarter after passing into law, which is expected to be 1 January 2023.
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Here are some of the announced Budget changes that could affect you. However, its important to remember that these are only proposals at this stage, and each proposal will only become law once it’s passed by Parliament.
The new ‘downsizer contributions’ measure provides opportunities for retirees looking to boost their retirement savings, particularly in light of the recent superannuation reforms affecting the contributions caps.