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1 June 2022

From 1 July 2022, there are several changes to super and super pensions that will affect most workers, employers and retirees.

Super Guarantee rises to 10.5 percent

The Super Guarantee (SG) is the minimum amount of super that employers must pay to eligible employees. From 1 July they must pay at least 10.5% super, up from 10% for the 2021-22 financial year.

The SG is gradually rising to 12% by 1 July 2025.

More employees will get super

From 1 July, all eligible workers aged 18 years and over will receive SG contributions as the $450 earnings threshold no longer applies.  

Downsizer for those aged 60 and over

From 1 July 2022 people aged 60 years and over will be able to top up super with a voluntary contribution of up to $300,000 from the sale of their home. 

Previously, this scheme was only open to those aged 65 and over. Other eligibility criteria apply.

Removal of the Work Test

The Work Test will no longer apply for people aged 67-74. This means that it will no longer be necessary to prove you've been gainfully employed for at least 40 hours in a 30-consecutive-day period in a financial year to make voluntary contributions to super.

Note: Although there will be no Work Test to make after tax contributions to super, the Work Test will still apply if you wish to claim a tax deduction for a personal contribution to your super.

Staying the same: Drawdown rate reduction

The 50% reduction to the minimum drawdown requirements for Super Pensions will stay in place until 1 July 2023. Minimum drawdowns are based on your age and you can check your minimum drawdown rate on our Working out your pension payments page.

Your pension payments

FHSS Scheme increase

From 1 July 2022, eligible first home buyers will be able to use voluntary super contributions of up to $50,000 to purchase their first home. This is increasing from $30,000 under the First Home Super Saver (FHSS) Scheme. The ATO has more information.

We're here to help

If you'd like to talk to us about your super or your pension you can call 1800 222 071 between 8am and 8pm (AEST/AEDT) or submit a query using the online form

Online contact form

If you're an employer responsible for paying super, our Account Managers can offer assistance.

Employer Account Managers