Summary of Superannuation Changes
May 15, 2021
A few of the superannuation rules and rates are changing. Here's a quick summary.
Changes from 1 July 2021
- Compulsory employer Superannuation Guarantee changes from 9.5% to 10%
- The Concessional Contributions Cap changes from $25,000 to $27,500
- The Non-Concessional Contributions Cap changes from $100,000 to $110,000
- The 'work test' for those aged 67 - 74 will be removed*
- The age limit for accessing the Downsizer Scheme will be changed from 65 to 60*
Changes form 1 July 2022
- Compulsory employer Superannuation Guarantee changes from 10% to 10.5%
- The $450/month minimum wages threshhold for Superannuation Guarantee is removed*
- The First Home Super Saver Scheme amount increases from $30,000 to $50,000*
* Subject to legislation passage
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