Superannuation Changes from the Latest Budget

Even if you’re on top of your super, it can be hard to keep up with evolving requirements and changes. When you hear about one, understanding how it could affect you is another matter entirely. Let’s consider four upcoming superannuation changes from the latest budget and how they could impact you.

The work test 

The Government has announced it will allow individuals aged 67 – 74 to make or receive non-concessional contributions and salary sacrifice contributions without meeting the work test. This is subject to existing contribution caps, and these same individuals will still have to meet the work test to make personal deductible contributions. 


Nevertheless, this is a huge win for older Australians. Removing work test requirements gives these individuals more flexibility when it comes to saving for their retirement. This is expected to come into effect prior to July 2022. 

The $450/month super threshold 

The existing $450/month minimum income threshold will be removed. Under the current threshold, employees do not have to be paid Superannuation Guarantee (SG) contributions by their employer. This is expected to come into effect prior to July 2022.  

Age limits for downsizer contributions

Downsizer contributions allow eligible individuals to make a one-off contribution (after tax) to their super — up to $300,000 — following the disposal of an eligible dwelling. At the moment, downsizer contributions can be made by eligible individuals from 65 years of age. The Government is reducing this 60 years of age. Again, this is expected to come into effect prior to July 2022. 

The First Home Super Saver scheme

Homeowner schemes and grants are always a hot topic, particularly in Perth where the housing market is becoming increasingly tough. The latest update relates to the First Home Super Saver Scheme. The Government is increasing the maximum amount from $30,000 to $50,000 — a huge jump which is designed to help first home buyers secure a deposit sooner. You guessed it — this is expected to come into effect prior to July 2022. 

Need more insight?

We’re happy to oblige and know super inside-and-out. Contact us to discuss any of these changes in more detail. If you need a hand organising your super or tapping into any eligible benefits, we can help with that too.

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