Four super measures to help boost your super


From 1 July 2022, four super measures that were announced in the 2021 Federal Budget will come into effect, creating opportunities for both older and younger Australians, as well as low-income earners, to boost their super. 

1. Low-income earners are entitled to receive super

Previously, employers didn’t need to make super guarantee (SG) contributions if an employee earnt less than $450 a month. This means many low-income earners, or people with multiple part-time jobs, may not have received any super in their workplace.

From 1 July 2022, the removal of the $450 monthly income threshold means employers will be obliged to make SG contributions for all employees, regardless of how much their employees earn (unless they’re under 18 and work less than 30 hours per week).

Based on the 1 July 2022 start date, the SG rate will kick in at 10.5% and it’s set to increase by 0.5% each year until it reaches 12% on 1 July 2025.

This is great news for those who work casually or part time, or those returning to the workforce to start to build, or rebuild, their superannuation balances.

2. More to help you buy your first home

Also from 1 July 2022, the First Home Super Saver Scheme (FHSS scheme), a scheme to help first home buyers save for a deposit through their super, will see an increase in the maximum amount you can access.

Currently, you can access up to $30,000 of any voluntary super contributions you’ve made, and any associated earnings to help you purchase your first home. From 1 July 2022, this will be increased to $50,000. However, the amount of eligible contributions that can count towards your FHSS maximum releasable amount remains at $15,000 each financial year.

More on First Home Super Saver Scheme: Using super to buy your first home.

3. Downsize earlier and boost your super

A downsizer contribution allows older Australians to contribute up to $300,000 from the proceeds of their main residence into a complying super fund without it being assessed under the contribution caps.

Currently, you need to be aged 65 or over to make a downsizer contribution. From 1 July 2022, the age will decrease to 60, allowing those in their early 60s to start their plan to downsize, and contribute part of the sale proceeds to boost their super balances.

Though the eligibility age will be reduced, all other requirements to meet the downsizer eligibility will remain the same, such as having owned the house for at least 10 years, and not having used the downsizer contribution before.

More information on Downsizer Contributions.

4. Good news for older workers

Effective 1 July 2022, if you’re aged between 67-74, you won’t need to satisfy the ‘work test’ before making non-concessional contributions and salary sacrifice contributions to your superannuation. However, if you want to claim a tax deduction on your personal contribution, you’ll still need to satisfy the work test requirement. Refer to the ATO for eligibility requirements.

This change also enables the use of the ‘bring forward’ provisions to be extended, meaning you have from age 67 to the year you turn 75 to bring forward your non-concessional contribution caps if your total super balance and remaining contribution cap allow you to do so.

Other changes from 1 July 2022

The SG rate will increase from 10% to 10.5%, and continuously for each year by 0.5% until it reaches 12% on 1 July 2025.

1 July 2021 - 30 June 2022


1 July 2022 - 30 June 2023


1 July 2023 - 30 June 2024


1 July 2024 - 30 June 2025


1 July 2025 - 30 June 2026 and onwards  




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This calculator allows you to estimate the annual income you might need to support a retirement lifestyle based on the expenses you input.

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Information current as at 16 March 2022.

The article was prepared by BT, a part of Westpac Banking Corporation ABN 33 007 457 141, AFSL and Australian Credit Licence 233714.

This information does not take into account your personal objectives, financial situation or needs and so you should consider its appropriateness, having regard to your personal objectives, financial situation and needs having regard to these factors before acting on it. This article provides an overview or summary only and it should not be considered a comprehensive statement on any matter or relied upon as such.

Superannuation is a means of saving for retirement, which is, in part, compulsory. The government has placed restrictions on when you can access your investment held in superannuation. The Government has set caps on the amount of money that you can add to superannuation each year on both a concessional and non-concessional tax basis. There will be tax consequences if you breach these caps. For more detail, speak with a financial adviser or visit the ATO website.

BT cannot give tax advice. Any tax considerations outlined in this article are general statements, based on an interpretation of the current tax law, and do not constitute tax advice. The tax implications of superannuation can impact individual situations differently and you should seek specific tax advice from a registered tax agent or registered tax (financial) adviser.