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- Work-test repealed for those under 75 to make or receive non-concessional or salary sacrifice super contributions (the work test still applies to personal deductible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- Value of voluntary super contributions that can be withdrawn under the First Home Saver Scheme increased to a total of $50,000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
Webinar
Matthew Rowett
•
31
October 2025
Plan with Purpose: Financial planning that fits your farm
Plan with Purpose: Financial planning that fits your farm
Watch a practical and collaborative webinar designed for farmers who want to take control of their financial future.
Blog
Mark Edwards
•
6
October 2025
Utes, Wagons and Commercial Vehicle Rules: What Businesses Need to Know About Tax Consequences
Utes, Wagons and Commercial Vehicle Rules: What Businesses Need to Know About Tax Consequences
Choosing the right vehicle impacts tax outcomes, as ATO rules on payload, passenger use, and modifications determine its classification.
Blog
Caroline Pierce
•
9
September 2025
What is Division 296 and will it affect me?
What is Division 296 and will it affect me?
Division 296 is a proposed superannuation tax introduced by the Labor Government.
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.
