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Superannuation contribution changes from 1 July 2022

27 May 2022

Several key super changes which may impact your ability to contribute to your SMSF, are set to take effect from 1 July 2022. These changes create opportunities for all SMSF members, young and old, to grow their retirement savings.

Recap

Generally, superannuation contributions must be paid for:

  • an employee aged 18 of over who earns $450 or more (before tax) per calendar month; and
  • an employee under age 18 working over 30 hours per week

 

What are the changes?

Originally announced in the 2021 Federal Budget, the following changes apply from 1 July 2022:

  • the Superannuation Guarantee (SG) rate will increase from 10% to 10.5% p.a.
  • removing the $450 minimum income threshold for SG contributions i.e. superannuation is now payable regardless how little the employee earns in a month.
  • the maximum amount an employer is required to pay superannuation based on employee quarterly earnings increases from $58,920 to $60,220.
  • the concessional contribution cap for each individual remains at $27,500 (carry-forward of unused concessional contributions is still available and may apply).
  • under the First Home Super Saver Scheme (FHSSS) eligible individuals will have access to an extra $20,000 of voluntary contributions to fund a home deposit.

 

As an employer, what should you be doing?

  • Base changes in your payroll software – Check-in with your payroll software provider about the rate and maximum super contribution base changes.
  • Check-in with employees – Let your employees know of this change. The before-tax pay may decrease remuneration packages and individuals may want to review their additional after-tax or salary sacrifice contributions.
  • Update Agreements – Update individual agreements if you have agreed to pay more than the minimum SGC rate or the maximum salary at which the SGC rate applies.
  • Do some SGC Housekeeping – As part of your end of year housekeeping, check you are up to date with all your employer superannuation obligations, not just for the current financial year.
  • Allow enough time for payments – For you to claim a deduction for the 2022 financial year, the superannuation amount you pay must be confirmed as received by the employee superfund before 30 Jun.

 

Expanding access to the First Home Super Saver Scheme (FHSSS)

Currently the FHSSS allows you to withdraw a maximum of $30,000 of voluntary contributions (plus associated earnings/less tax) from your super fund to fund the deposit of a new home.

From 1 July 2022, the maximum amount that can be withdrawn will increase to $50,000 meaning each eligible person will be able to withdraw an additional $20,000. All other eligibility rules remain unchanged.

Also unchanged is the maximum amount of contributions that an individual can make each year that can count towards the FHSSS – this remains at $15,000 p.a. This means that it will take a member, at least four years of voluntary contributions, to reach the higher $50,000 limit.

 

How can we help?

Navigating your way through the superannuation contribution rules can be very complex, especially in the lead up to a member’s retirement. If you have any questions, require assistance, or would like to discuss whether any of these opportunities apply to you, please contact Chantelle Rossiter +61 2 9263 2600.

Key Contact

Chantelle Rossiter

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