Changes to superannuation from 1 July 2022



From 1 July 2022, there are several changes to superannuation laws that you may be able to take advantage of.

Changes to voluntary contributions

If you are aged between 67 and 74, you will be able to make voluntary contributions into your superannuation without needing to meet the work test. Before 1 July 2022, if you were over the age of 67 you were required to work in gainful employment for at least 40 hours over 30 consecutive days in order to make a voluntary contribution.

The work test is only applicable from 1 July 2022, if you intend to claim a tax deduction for a voluntary contribution.

Bring-forward of non-concessional contributions

From 1 July 2022, you may be able to bring-forward 3 years’ worth of non-concessional contributions up to the age of 75.

If you are 74 years of age on 1 July 2022, and have a total superannuation balance of less than $1.48 million, your non-concessional contribution limit is $330,000 using the bring-forward rule.

Downsizer contributions

If you are over the age of 60 and you sell your family home, you may be able to make a downsizer contribution of $300,000 per person. Before 1 July 2022, the age limit was 65.

Certain eligibility requirements apply, such as owning the main residence for 10 years and making the contribution within 90 days of settlement.

Superannuation guarantee

The Superannuation Guarantee (SG) rate will increase from 10% to 10.5% for earnings after 1 July 2022. This rate is legislated to consistently rise up to 12% for the 2025–26 income year. If you are an employer please ensure your payroll software is updated to take this change into account for all employees from 1 July 2022. If you require assistance please contact our office.

Removal of the $450 Super Threshold

The threshold meant workers were only entitled to SG contributions if they were over the age of 18 and earned $450 or more from an employer (before tax) per calendar month. Workers under 18 years of age were only entitled to SG contributions if they worked more than 30 hours in a week and earned $450 or more (before tax) per calendar month.

From 1 July 2022, all eligible workers aged 18 years or older will be entitled to receive SG contributions regardless of how much they earn. The rules for workers under the age of 18 will remain generally the same. They will still only be eligible for SG contributions if they work more than 30 hours per week. 

First home super saver scheme

From 1 July 2022, the maximum amount of contributions that can be released from your superannuation under the First Home Super Saver Scheme (FHSSS) will increase from $30,000 to $50,000. The increase will apply to withdrawal requests from 1 July 2022.

The yearly limit that an individual can apply to withdraw remains the same at $15,000 per year. To be eligible to access the FHSSS, these contributions must be voluntary contributions.

Any of these changes may greatly benefit your ability to grow your retirement savings, and we would be delighted to work with you in this matter.