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- Work-test repealed for those under 75 to make or receive non-concessional or salary sacrifice super contributions (the work test still applies to personal deductible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- Value of voluntary super contributions that can be withdrawn under the First Home Saver Scheme increased to a total of $50,000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
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