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.

Need help with your accounting?

Find Out What We Do

What does “comfortable retirement” really mean?

July 14, 2025
What does a “comfortable” retirement mean to you? For some, it’s travel and lifestyle. For others, it’s simply having the bills paid on time without stress. Whatever your version of comfortable looks like — the key is planning. We’re here to help!

What is a Clearance Certificate? Why do you need one when selling property?

July 14, 2025
Selling property in Australia? Don’t forget your Clearance Certificate — it could SAVE you THOUSANDS at settlement. If you don’t have one, the buyer is legally required to withhold part of your payment — delaying and reducing what you receive. Applying is free and easy — and Ascent Accountants can help you get it sorte

Is your TPAR lodged? Don’t be penalised this August.

July 14, 2025
If your business paid contractors during the last financial year — think tradies, cleaners, and more — you may need to lodge a Taxable Payments Annual Report (TPAR). Missing it (deadline: 18 August!) can lead to late penalties. Not sure if you need to lodge or what to incl

June 30 Checklist for Business Owners

June 12, 2025
June is zooming by! Here’s another handy checklist for business owners—let’s get you sorted for EOFY and tick off those to-dos.

Our EOFY Guide for Taxpayers.

June 12, 2025
EOFY is almost here. Are you ready? Now’s the time to get your finances in order and maximise your tax return. Our latest guide covers top tax deductions, super contributions & co-contributions, SMSF must-dos, PAYG instalment tips and a 30 June checklist.

Maximise Your Rental Property Tax Deductions this EOFY

June 12, 2025
Whether you're a first-time landlord or managing multiple properties, understanding what you can claim at tax time can make a big difference to your bottom line. In our latest blog, we break down the most common (and often overlooked) deductions.
More Posts