For business

Superannuation guarantee increase to 10.5%

The Superannuation Guarantee (SG) rate will rise from 10% to 10.5% on 1 July 2022 and will continue to increase by 0.5% each year until it reaches 12% on 1 July 2025.

$450 super guarantee threshold removed

From 1 July 2022, the $450 threshold test will be removed and all employees aged 18 or over will need to be paid superannuation guarantee regardless of how much they earn.

Profits of professional services firms

New ATO guidance that comes into effect from 1 July 2022, takes a strong stance on structures designed to divert income in a way that results in principal practitioners receiving relatively small amounts of income personally for their work.

For you

Work-test repeal — enabling those under 75 to contribute to super

From 1 July 2022, the work-test has been scrapped and individuals aged younger than 75 years will be able to make or receive non-concessional or salary sacrifice superannuation contributions without meeting the work test.

Downsizer contributions from age 60

From 1 July 2022, eligible individuals aged 60 years or older can choose to make a 'downsizer contribution' into their superannuation of up to $300,000 per person from the proceeds of selling their home.

First home saver scheme

From 1 July 2022, the maximum amount of voluntary contributions you can make and withdraw under the First Home Super Saver Scheme will increase to $50,000.