Downsizing contributions into superannuation  

Yes it seems to have come into effect on the 1st of July

but Personally I would be seeking advice from my legal adviser.

We have people moving to our area from the city after selling their family home for selling for a 7 figure sum and paying a 6 figure sum here. The difference automatically becomes an asset whether held in a bank account or in super and will affect the eligibility for an age pension. It would seem prudent to avail oneself of the ability to park surplus funds in super as any interest received if the funds were invested otherwise may attract taxation, depending on other income.