Work test for voluntary superannuation contributions
From 1 July 2022, individuals aged 67 to 74 will no longer be required to meet the work test in order to make superannuation contributions. The measures will allow individuals aged 67 to 74 years to make or receive non-concessional (including under the bring-forward rule) or salary sacrifice superannuation contributions without meeting the work test, subject to existing contribution caps.

Individuals aged 67 to 74 years will still have to meet the work test to make personal deductible contributions.

Currently, individuals aged 67 to 74 years can only make voluntary contributions (both concessional and non-concessional) to their superannuation, or receive contributions from their spouse, if they are working at least 40 hours over a 30 day period in the relevant financial year.

Minimum threshold for superannuation guarantee eligibility
The current $450 per month minimum income threshold under which employees do not have to be paid the superannuation guarantee by their employer will be removed. This measure is expected to apply from 1 July 2022.

Expanded downsizer contribution scheme
The eligibility age for making downsizer contributions into superannuation will be reduced from 65 to 60 years of age. The downsizer contribution scheme allows individuals to make a one-off, post-tax contribution to their superannuation of up to $300,000 from the proceeds of selling their home. Both members of a couple can contribute in respect of the same home, and contributions do not count towards non-concessional contribution caps. This measure is expected to apply from 1 July 2022.

Increase to maximum releasable amount under First Home Super Saver Scheme
The Government announced it will increase the maximum releasable amount of voluntary concessional and non-concessional contributions under the First Home Super Saver Scheme (FHSSS) from $30,000 to $50,000. Voluntary contributions from 1 July 2017 up to the current limit of $15,000 per year will count towards the total amount able to be released. This measure is expected to apply from 1 July 2022.