The age required for members to be eligible for Downsizer Contributions are as follows:
- From 1 July 2018, 65 years of age or older.
- From 1 July 2022, 60 years of age or older.
- From 1 January 2023, 55 years or older.
For more details on the eligibility of accessing the downsizer measure, please refer to: Downsizing Super Contributions.
If the Member does not have an accumulation account.
If the member is fully in pension phase (for example, no accumulation account is active), you will need to first reopen the member’s accumulation account before recording the downsizer contribution. Downsizer contributions can only be recorded within an active accumulation account.
Recording in Simple Fund 360
Simple Fund 360 records the downsizer contribution to Account 24200/MemberCode under the More Details section.
Eligibility
Simple Fund 360 will only display this field if the age of the member and the date of the transaction meet the requirements mentioned above:
Tracking contributions made
To track the total downsizer contributions made by each member of the fund:
Navigate to the Contribution Tab within the Member Dashboard.
With the Contribution Caps section, you are able to view the downsizer contributions made to date for each member of the fund.
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. |  |
| Select Reports. |  |
Search for the Downsizer Contribution Form.