How to model a Downsizer Contribution

When modelling a Downsizer Contribution in Xtools+, some things to watch for are as follows:

Properties Entering:

Enter both properties into ‘Input -> Individual -> Assets -> Property’, noting the following:

‘Disposal Date’ of existing Property and ‘Purchase Date’ of new Property are the same date

Navigate across to ‘Income Support Exempt Home’ and update to reflect existing property til a certain time then the new property continuing forward.

Check tab ‘CGT Exempt Home’ to ensure the same reporting as ‘Income Support Exempt Home’

Superannuation Contributions Entering:

Now that the property has been entered, we can link the downsizer contribution details to the respective client/partner and super fund.

Navigate to 'Input -> Individual -> Super -> Client (or Partner) -> Accounts -> SOP Transactions', then navigate to the 'Post Tax Contributions' tab: Noting you will see the 'Principal Residence Downsize Contributions' field present under both Superfund 1 or SMSF

After pressing the contribution line against the intended Superfund, when from the pop up, update the 'Contribution Amount' either Other or Maximum, then also update the 'Contribute to' field per designated Superfund intended to receive the contribution:

We can then see the balance of the contribution is present in the table, listed at the same time period as when the property is being sold. To update the 'Partner's' contribution amount, navigate across using the 'View Parterns SOP Transactions' from the top right corner, this will then take you directly to the same 'Post Tax Contributions page to allow you to repeat the contribution steps: