Recent Super Rule changes

1. Repealing the work test for individuals aged 67 to 74 ( Start date 1/7/22 )

   Individuals aged 67 to 74 will be able to make non-concessional contributions (NCC) or salary sacrifice superannuation contributions without meeting the work test, subject to existing contribution caps.

2. Removing the $450 per month minimum Super Guarantee (SG) threshold ( Start date 1/7/22 )

   The $450 per month minimum SG income threshold will be repealed. As a result, employers will be required to make quarterly SG contributions on behalf of low-income employees earning less than $450 per month (unless another SG exemption applies).

   Under the current rules, an employer is not required to pay SG contributions for an employee who earns less than $450 per month.

3. Increasing the first home super saver scheme (FHSSS) releasable amount to $50,000 ( Start date 1/7/22 )

   Since 1 July 2017, individuals can make voluntary concessional contributions (CC) and NCCs into superannuation and have them released to help pay for their first home.

   The maximum releasable amount of eligible voluntary CCs and NCCs under the FHSSS will be increased from $30,000 to $50,000.

   Under the new rules, the maximum amount of voluntary contributions that are eligible to be released remains at $15,000 per financial year and $50,000 in total. The individual will also receive an amount of earnings that relate to those contributions.

   Therefore an individual would need to contribute over four years to take maximum advantage of the scheme under this measure.

4. Reducing the eligibility age for downziser contributions to 60 ( Start date 1/7/22 )

   The eligibility age to make a downsizer contribution will be reduced from 65 to 60 years of age. All other eligibility criteria that currently apply to downsizer contributions will continue to apply.