New super rules commence from 1 July 2022
The Treasury Laws Amendment (Enhancing Superannuation Outcomes For Australians and Helping Australian Businesses Invest) Bill 2021 was passed by the Senate on 10 February 2022 with no amendments. The Bill now awaits assent. Measures include:
- allow individuals aged between 67 and 75 to make non-concessional super contributions under the bring-forward rule (from 1 July 2022);
- repeal the work test for non-concessional and salary sacrificed contributions made by individuals aged between 67 and 75 (from 1 July 2022);
- remove the $450 per month income threshold under which employees do not have to be paid the super guarantee by their employer (from 1 July 2022);
- allow trustees to use their preferred method of calculating exempt current pension income where the fund is fully in the retirement phase for part of the income year but not for the entire income year (for the 2021-22 income year onwards);
- increasing the maximum amount of voluntary contributions released under the First Home Super Saver Scheme from $30,000 to $50,000 (from 1 July 2022); and
- extending the temporary full expensing regime by 12 months to 30 June 2023.