Superannuation, Age Pension and income tax changes from 1 July 2022
Happy new (financial) year! It’s also the 30th birthday of the Super Guarantee, introduced on 1 July 1992 at a rate of 3%. Today it increases from 10% to 10.5%.
In this special newsletter edition we’ve updated all SuperGuide articles covering the key rules, regulations, rates and thresholds for the 2022-23 financial year. We also highlight the major changes that take place from 1 July 2022.
- SUPER RULES CHANGES: A flurry of positive rule changes are due to kick off on July 1, with many new opportunities to boost your retirement savings. This includes the increase in the Super Guarantee, a lower eligibility age for downsizer contributions, removal of the $450 monthly SG threshold, an increase in the age limit for voluntary super contributions without having to meet the age test and a continuation of lower minimum pension drawdowns. Improvements have also been made to the Home Equity Access Scheme and the First Home Super Saver Scheme.
- UPDATED SUPER CONTRIBUTIONS GUIDES: Our guides to the newly-increased concessional and non-concessional contributions, plus co-contributions, SG, LISTO, Division 293 and MSCB have all been updated for 2022-23.
- AGE PENSION CHANGES: The thresholds for the assets and income tests and deeming all increase on 1 July 2022, which means that more Australians can receive a full or a higher part Age Pension.
- INCOME TAX CHANGES: Income tax rates don’t change in 2022-23, but the end of the LMITO will mean less after-tax income for millions of Australians. Our income tax calculators let you compare your income tax for 2021-22 and 2022-23 side by side.
2022-23 SUPER CHANGES
2022-23 SUPER CONTRIBUTIONS GUIDES
Look out for our super contributions strategies coverage in SuperGuide’s July 2022 newsletter.