Over the last couple of weeks, various Bills have received Royal Assent and various measures which were announced in last year’s Federal Budget have now become law.
The following changes have been legislated and will apply from 1 July 2022:
Bring forward rule – individuals aged between 67 and 75 will be allowed to make non-concessional superannuation contributions under the bring forward rule.
Repeal of work test – individuals aged between 67 and 75 will no longer be required to pass the work test for non-concessional and salary sacrificed superannuation contributions. The work test continues to apply when making personal deductible contributions.
Superannuation Guarantee – removal of $450 income threshold
From 1 July 2022, the $450 monthly minimum income threshold will be abolished, and employers will be required to pay superannuation guarantee on all their employees’ salary and wages.