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Downsizer contributions remain steady amid property downturn
The level of contributions made under the downsizer scheme has remained consistent this year based on APRA and ATO data, despite the impact of COVID-19 on property markets.
Based on ATO data, over 15,000 individuals have accessed the downsizer program since the commencement of the scheme, making a total of $3.5 billion in contributions as at 24 August 2020.
According to the ATO, from 1 January 2020 to 24 August 2020, around 4,700 individuals have accessed the downsizer program, making $1.1 billion in contributions to superannuation.
Women have used the downsizer scheme more than men this year, with women contributing $632 million under the downsizer program, which accounts for 57 per cent of the total downsizer contributions made.
Since July 2018, downsizer contributions have exhibited a small degree of variation month to month, an ATO spokesperson told SMSF Adviser.
“While our data for the period March 2020 to June 2020 will not be complete until self-managed super funds report in May 2021, based on the information we have available from APRA funds, contributions made during this period remain consistent with previous periods,” the ATO said.
Miranda Brownlee
Miranda Brownlee is the deputy editor of SMSF Adviser, which is the leading source of news, strategy and educational content for professionals working in the SMSF sector.
Since joining the team in 2014, Miranda has been responsible for breaking some of the biggest superannuation stories in Australia, and has reported extensively on technical strategy and legislative updates.
Miranda also has broad business and financial services reporting experience, having written for titles including Investor Daily, ifa and Accountants Daily.
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