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.
Highlights include:
- 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
Navigating your way around the constant rule changes in the super system is tricky, so here’s our annual list of the modifications you need to know about. Read more.
Navigating your way around the constant rule changes in the super system is tricky, so here’s our annual list of the modifications you need to know about. Read more.
A new financial year brings updated thresholds for a range of super measures. Take a look at the new numbers to check for opportunities. Read more.
A new financial year brings updated thresholds for a range of super measures. Take a look at the new numbers to check for opportunities. Read more.
2022-23 SUPER CONTRIBUTIONS GUIDES
Concessional contributions make up most of the money going into your super account, so it’s important to understand what these are and how they work. Read more.
Concessional contributions make up most of the money going into your super account, so it’s important to understand what these are and how they work. Read more.
Making a personal contribution into your super can be a great way to boost your retirement nest egg and enjoy the tax-effective benefits of the super system. Read more.
Making a personal contribution into your super can be a great way to boost your retirement nest egg and enjoy the tax-effective benefits of the super system. Read more.
A free co-contribution payment made by the government into your super account can be a great way to boost your super account if you have some money to spare. Read more.
A free co-contribution payment made by the government into your super account can be a great way to boost your super account if you have some money to spare. Read more.
With Super Guarantee (SG) contribution rates changing again, it pays to understand the rules and the rate your employer is required to pay in 2024-25. Read more.
With Super Guarantee (SG) contribution rates changing again, it pays to understand the rules and the rate your employer is required to pay in 2024-25. Read more.
The Low Income Super Tax Offset is a government rebate that can help boost your super and make saving for retirement a little easier. Read more.
The Low Income Super Tax Offset is a government rebate that can help boost your super and make saving for retirement a little easier. Read more.
High-income earners face a quarterly cap on the amount of income on which their employer must make SG contributions. Here’s the limit for 2024–25. Read more.
High-income earners face a quarterly cap on the amount of income on which their employer must make SG contributions. Here’s the limit for 2024–25. Read more.
High-income earners pay extra tax on their concessional super contributions, so it’s important to understand the rules. Read more.
High-income earners pay extra tax on their concessional super contributions, so it’s important to understand the rules. Read more.
COMING UP
Look out for our super contributions strategies coverage in SuperGuide’s July 2022 newsletter.
AGE PENSION CHANGES
Our Age Pension calculator gives you an estimate of your potential Age Pension entitlements based on your situation, assets and income. Read more.
Our Age Pension calculator gives you an estimate of your potential Age Pension entitlements based on your situation, assets and income. Read more.
This article details the rules and limits of the Age Pension assets test (how much your savings and other assets are worth), which is one half of the means test… Read more
This article details the rules and limits of the Age Pension assets test (how much your savings and other assets are worth), which is one half of the means test… Read more
A common question for those nearing or in retirement is “How much can a pensioner earn before it affects the pension?”. Read more
A common question for those nearing or in retirement is “How much can a pensioner earn before it affects the pension?”. Read more
Under the deeming rules, you are ‘deemed’ to earn a certain annual rate of return on your financial assets, regardless of the rate of return you actually earn. Read more.
Under the deeming rules, you are ‘deemed’ to earn a certain annual rate of return on your financial assets, regardless of the rate of return you actually earn. Read more.
INCOME TAX
Enter your taxable income for 2023-24 or 2024-25 and the calculator will show you what offsets you may be eligible for, as well as your marginal tax rate and how… Read more.
Enter your taxable income for 2023-24 or 2024-25 and the calculator will show you what offsets you may be eligible for, as well as your marginal tax rate and how… Read more.
