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Legislation changes effective from 1 July 2022 may impact you and your super.
Some legislative changes that may have an effect on your superannuation came into effect from the start of the 2022-23 financial year.
The following legislative changes came into effect from 1 July 2022:
Since 1 April 2022, the Australian Taxation Office can now share information with Australian courts on superannuation assets held by parties during family law disputes.
The Australian Government notes this will help deliver fairer and more equitable outcomes for women going through separation proceedings by reducing the scope for former partners to under disclose their assets.
Legislation came into effect on 1 July 2022 that removed the $450 per month income threshold that employees currently need to earn to be paid the Superannuation Guarantee (SG) by their employer.
The Australian Government notes the measure will improve the retirement savings of around 300,000 lower income workers per month, almost 200,000 of whom are women.
The First Home Super Saver Scheme (FHSSS) allows for voluntary contributions to be saved in super and then later released to purchase a first home.
Before 1 July 2022, as an individual you could contribute up to $15,000 of eligible contributions (in any one financial year) under the scheme and can have up to $30,000 in total (across all years) released for the purchase of a first home.
From 1 July 2022, the releasable amount of eligible contributions increased from $30,000 to $50,000, however the contribution limit of $15,000 in any one financial year remains the same.
Superannuation contribution cap limits still apply and this may limit how much you can contribute.
Find out full details of the First Home Super Saver Scheme at the Australian Taxation Office (ATO) website.
From 1 July 2022, the age at which retirees can downsize their family home and be able to contribute $300,000 to superannuation ($600,000 for couples) changed from 65 to 60 years.
Other existing requirements will continue to apply.
Find out more about downsizer contributions.
The full list of eligibility for the Downsizer Scheme is available on the ATO website.
The Australian Government specifies the minimum amount that needs to be drawn each year from account-based pensions and similar products, including superannuation Income accounts.
The annual minimum payment was halved by the Australian Government in March 2020 in response to COVID-19. The minimum drawdown measure has been extended to 30 June 2023.
From 1 July 2022, the work test for personal (non-concessional) and salary sacrifice contributions to super for those aged 67 to 74 was removed.
Existing annual concessional and non-concessional caps will continue to apply, although the
change will allow people under age 75 to use the non-concessional bring-forward rule (which currently ceases at age 67).
Members aged 67 to 74 will still need to meet the work test if they want to claim a tax deduction for their super contribution.
However, super funds will no longer need to consider the ‘work test’ at the time contributions are received from members.
Instead, the ATO will be checking to see if members met the work test when the income tax return is lodged. All members should be aware that a ‘Notice of intent to claim or vary a deduction for personal contributions’ is only valid in certain circumstances.
You can find out more about claiming deductions for personal super contributions at the ATO website.
1. Does not apply to downsizer contributions, which may be made if aged 60 and over regardless of work status. No maximum age limit applies.
2. The contributing spouse doesn’t need to meet the work test when making a spouse contribution for the receiving spouse.
Superannuation Guarantee is the minimum legislated amount of superannuation your employer pays.
On 1 July 2022, the SG rate rose from 10% per year to 10.5% of your ordinary-time earnings (different arrangements apply for Norfolk Island).
Updated rates and thresholds for 2022-23 for government co-contribution income thresholds came into effect from 1 July 2022.
The ATO publishes these rates and thresholds and they will be updated in our product disclosure statements and guides from 1 July 2022.
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If you earn less than $450 per month from a single employer you may soon be eligible to be paid compulsory super.
The rate of compulsory super that employers pay workers will rise to 10.5% from 1 July 2022.
To provide retirees with more flexibility in the current financial environment, reductions to super minimum drawdown requirements have been extended.
The downsizer scheme will be extended to people aged 60 and above.