What changed on 1 July 2022 for Individuals?
A reminder of what changed on 1 July 2022
- Superannuation guarantee increased to 10.5%
- Work-test repealed for those under 75 to make or receive non-concessional or salary sacrifice super contributions (the work test still applies to personal deductible contributions)
- Age for downsizer super contributions reduced to 60 years and older
- Value of voluntary super contributions that can be withdrawn under the First Home Saver Scheme increased to a total of $50,000
- New ATO guidelines on trust distributions come into effect primarily impacting distributions to adult children
- Home loan guarantee scheme extended to $35,000 per year for first home buyers and $5,000 per year for single parents
- Australia's minimum wage increased
Feel like sharing?
No items found.
Related Insights
Blog
Liam Walter
•
13
January 2026
SBE Instant Asset Write-off
SBE Instant Asset Write-off
Australia extends $20,000 Instant Asset Write-Off to June 2026, giving small businesses certainty, cash-flow benefits, simplified depreciation, and investment incentives.
Blog
Chris Hartley
•
11
December 2025
Tony Bedworth embraces a “Sea Change” while staying committed to clients
Tony Bedworth embraces a “Sea Change” while staying committed to clients
Tony Bedworth begins a four-day remote role from Airey’s Inlet, maintaining full client support and continuity at Murray Nankivell.
Blog
Rhyl Opie
•
3
December 2025
Cybersecurity Tips to help keep you and your information safe
Cybersecurity Tips to help keep you and your information safe
Protect your financial data with strong passwords, MFA, phishing awareness, updates, secure Wi-Fi, account monitoring, backups, and trusted cyber advice.
We are here for you
We look forward to working with you to help you achieve a better financial future. Let us guide you on the path to financial success.
Contact your preferred Murray Nankivell office today.
