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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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