In this guide
Super changes from 1 July 2022
The Treasury Laws Amendment (Enhancing Superannuation Outcomes) Regulations 2022 are now law.
These amendments reduce the eligibility age for downsizer contributions into super from 65 years to 60. They also repeal the work test for non-concessional and salary sacrificed contributions for those aged from 67 up to and including 74 years. They will come into effect from 1 July 2022.
Also, from 1 July 2022, the maximum amount that can be contributed into super, and accessed for a first home under the first home super saver (FHSS) scheme, will increase from $30,000 to $50,000. The maximum contributions each financial year that can count towards your FHSS maximum releasable amount remains at $15,000.
To be eligible for the scheme you still need to be buying your first home and will occupy, or intend to as soon as possible, the premises. You must also intend to occupy the property for at least six months within the first 12 months you own it, after it is practical to move in.
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