Document ID: chunk:federal_register_of_legislation:C2017A00132:clause:2_4:p1
Version: federal_register_of_legislation:C2017A00132
Segment Type: clause
Provision Reference: sch 2 cl 4 (pt 1/3)
Character Range: 34435–37119

4  After section 292‑100
Insert:

292‑102  Downsizer contributions

Criteria for a downsizer contribution
 (1) A contribution is covered under this section if:
 (a) the contribution is made to a *complying superannuation plan in respect of you when you are aged 65 years or over; and
 (b) the contribution is an amount equal to all or part of the *capital proceeds received from the *disposal of an *ownership interest (the old interest) in a *dwelling; and
 (c) you or your *spouse held the old interest just before the disposal; and
 (d) any *capital gain or *capital loss from the disposal of the old interest:
 (i) for the case where you held it just before the disposal—is wholly or partially disregarded under Subdivision 118‑B (or would have been if you had *acquired it on or after 20 September 1985); or
 (ii) otherwise—would have been wholly or partially disregarded under Subdivision 118‑B had you held the old interest for a period before the disposal; and
 (e) the condition in subsection (2) is met for the disposal; and
 (f) the dwelling is located in *Australia, and is not a caravan, houseboat or other mobile home; and
 (g) the contribution is made within 90 days, or such longer period as the Commissioner allows, after the time the change of ownership occurs as a result of the disposal; and
 (h) you choose, in accordance with subsection (8), to apply this section to the contribution; and
 (i) there is not already a contribution covered under this section, and made to a complying superannuation plan in respect of you, from an earlier choice you made in relation to the disposal of:
 (i) another ownership interest in the dwelling that was not a related spousal interest to the old interest; or
 (ii) an ownership interest in another dwelling.
Note 1: Subparagraph (i)(i) does not prevent another contribution, made for you from the capital proceeds from the disposal of the same interest, from also being a contribution covered under this section.
Note 2: That subparagraph also does not prevent another contribution, made for you from the capital proceeds from the disposal of a related spousal interest, from being a contribution covered under this section.

10‑year ownership condition
 (2) The condition in this subsection is met for the *disposal of the old interest if either or both of the following paragraphs applies:
 (a) at all times during the 10 years ending just before the disposal:
 (i) the old interest was held by you, your *spouse or your former spouse; or
 (ii) an *ownership interest in the land on which the *dwelling is situated was held by you, your spouse or your former spouse;
 (b) if subsection 118‑147(1):
 (i) applies because the