Key measures pass Parliament


Legislation has passed Parliament introducing a range of new measures that may benefit you.


Downsizer eligibility age reduces to 55

The reduction in the eligibility age from 60 to 55 will enable more people to make super contributions from the sale of their home.

The commencement date is 1 January 2023 if Royal Assent is received prior to this date, otherwise it is likely to be 1 April.

Eligible downsizer contributions must be made within 90 days after settlement occurring. This means if the age requirements are met within the 90 day period, the opportunity to a make a downsizer contribution exists. Clients aged 55 to 59 should not make downsizer super contributions before the confirmed commencement date—otherwise it will be an invalid downsizer contribution.


For example, lets assume the:
  • commencement date for the legislation is 1 January 2023 and all eligibility criteria is met
  • you are aged 58 and sold your home on 3 September 2022, and
  • property settled on 15 October 2022.
The contribution must be paid within 90 days from settlement which is by 13 January 2023. This would mean your contribution would need to be made on or after 1 January but before 13 January 2023.


It is also important to note that a valid notice to treat the contribution as a downsizer contribution must be submitted no later than the time the contribution is received by the fund. It is not possible to retrospectively elect to treat a personal contribution as a downsizer contribution.

For further assistance regarding downsizer contributions, please speak with your Pinnacle Advisor.


Assistance for working age pensioners

A range of new measures will help people of pension age who plan to keep working, including an increase in the Work Bonus (a one-off $4,000 income credit) from 1 December 2022 and more.


Commonwealth Seniors Health Card (CSHC) – income thresholds increase

Legislation* increasing the income limits for the Commonwealth Seniors Health Card (CSHC) has passed and received Royal Assent, which means the new income limits were effective from 4 November 2022.


Family situation Income limits 20/9/22 to 3/11/22 Income limits 4/11/22 to 19/9/23



Couple (combined)



Couple (illness separated)



For each additional child




The government estimates that approximately 50,000 additional older Australians will be eligible for the card.

Both the legislated increase in income limits,  plus frozen deeming rates of 0.25% and 2.25% that apply to deemed account based pensions, will assist more clients to be eligible for the card.

For further information on how to apply for the card, see How to claim on Services Australia. Alternatively, contact your Pinnacle Advisor for further assistance.


*Social Services and Other Legislation Amendment (lifting the Income Limit for the Commonwealth Seniors Health Card) Act 2022