- Super Guarantee rates increased to 10.5% – Employers must pay their employees 10.5%. Members should ensure the increase is reflected in the current pay slips. If not they can contact the payroll department.
- Work test removal – Members aged between 67 and 74 are no longer required to meet the work test to be eligible to contribute. Be mindful of the total super balance. Existing cap limits will continue to be the same. Members will need to meet the work test if they wish to claim a deduction on the super contributions deposited.
- Bring forward arrangement up until 75 years of age – Members are able to utilise the bring forward arrangement as long as they meet the criteria. Be mindful of the total super balance.
- Pension drawdown rate – Minimum pension withdrawal limit was halved back in early March 2020. An extension has been applied to this rule up until 30 June 2023.
- New age limit for downsizers – Members who are 60 years of age and above can contribute up to $300,000 when they sell their home. Couples can contribute $300,000 each.
- Increase in First Home Super Saver scheme withdrawal limit – Before 1 July 2022, Members were only eligible to withdraw a maximum of $30,000, the limit has now been increased to $50,000.
