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This July, there were significant changes that happened across the superannuation landscape. It's worth understanding what these changes mean for you and your superannuation.
1. Work test removal (conditions apply)
The work test requirement was abolished, and now older Australians no longer need to meet the work test in order to make superannuation contributions.
This change means that fund members under the age of 75 are able to make or receive personal contributions and salary sacrificed contributions subject to existing contribution cap limits.
However, it is worth noting that members aged between 67 to 74 will still need to meet the work test if they wish to claim a personal superannuation deduction for their contribution. For these members, there will be no changes to the way they need to lodge their notice of intent to claim or vary a personal super contribution deduction.
2. Extension of temporary reduction in superannuation minimum drawdown rates
The 50 per cent temporary drawdown reduction was first introduced in 2020 as part of the government’s response to COVID-19. It has now been extended further to the 2022-23 financial year, starting from 1 July 2022 until 30 June 2023.
There are no changes or actions needed from those who have previously opted to receive the reduced minimum pension drawdown. They will continue to receive the reduced payment amount into the new financial year.
Pensioners who wish to opt in to receive the reduced payment, or who want to revert to their default payment or a specified payment amount, should contact their pension provider for further details.
3. Super Guarantee (SG) rate rise
The SG rate increased from 10 per cent to 10.5 per cent. This means that employers must now use this new rate to calculate how much super to pay to their employees. This new rate is applicable to all super paid on or after 1 July 2022, even if some or all of the pay period is for work done prior to the date.
The SG rate is legislated to rise incrementally to 12 per cent by 2025.
4. Super Guarantee (SG) threshold removal
The SG eligibility threshold of $450 per month was removed. This means that, from this date, employers are required to make SG contributions to all eligible employees regardless of how much they earn.
Employees must still meet all other SG eligibility criteria. As such, those under 18 years of age will only be eligible for SG contributions if they work more than 30 hours per week.
5. First home super saver (FHSS) scheme
The first home super saver (FHSS) scheme allows Australians to save money for their first home inside their super fund. Under the scheme, fund members can apply to release a maximum of $15,000 of their voluntary contributions from any one financial year.
Previously, fund members were able to release up to $30,000 in eligible super contributions, plus associated earnings, across all years. As of 1 July 2022, this limit increased to $50,000.
It is worth noting that the amount of eligible contributions that can count towards your FHSS maximum releasable amount for each financial year will remain at $15,000.
Need more information?
If you need help understanding these changes to superannuation and how they affect you, speak to your financial adviser or refer to the following articles on the ATO website:
This article was previously prepared and published by AIA Australia Limited ABN 79 004 837 861 (AIA Australia) prior to Resolution Life’s acquisition of AIA Australia’s Superannuation & Investment life insurance business on 1 July 2023.