We share some key superannuation and tax changes for the 2022-23 financial year, as well as some measures that have remained the same.
The super guarantee contribution rate has increased from 10 to 10.5%. Anyone who is eligible to receive super guarantee will receive the increased amount from 1 July 2022.
The minimum eligible age to make a downsizer contribution has reduced from 65 to 60. From 1 July 2022, those aged 60 and over may be able to use the proceeds from the sale of their home to make a non-tax-deductible contribution of up to $300,000 each (or up to $600,000 per couple) into super—boosting their savings for retirement.
The work test rules for older Australians have been changed to provide more flexibility in saving for retirement through super. From 1 July 2022, those aged between 67 and 74 are able to make or receive non-concessional or salary sacrifice contributions without meeting the work test.
The Government has increased the amount of super that may be released under the First Home Super Saver (FHSS) scheme. The scheme is designed to help individuals save money for a first home inside of super. From 1 July 2022, the amount of eligible contributions that can count towards the maximum releasable amount increased from $30,000 to $50,000.
The CGT lifetime cap amount has increased to $1,650,000 (previously $1,615,000). This is a lifetime cap on contributions sourced from the retirement or 15-year small business capital gains tax concessions and is excluded from the non-concessional cap.
The low- and middle-income tax offset (LMITO) is scheduled to end in the 2022-23 financial year. The LMITO for the 2021-22 income year (up to $1,500 for individuals and $3,000 for couples) will be paid from 1 July 2022 upon tax return submission.
From 1 July 2022, the compulsory HECS-HELP repayment threshold increased to $48,361. Anyone earning less than this amount will not have to repay their loan until they exceed the new threshold amount.
If you would like to discuss any of the above, please get in touch with us.
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