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- Work-test repealed for those under 75 to make or receive non-concessional or salary sacrifice super contributions (the work test still applies to personal deductible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- Value of voluntary super contributions that can be withdrawn under the First Home Saver Scheme increased to a total of $50,000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
Event
Leah Cother
•
5
March 2026
Figured Agri-Summit–Auckland NZ
Figured Agri-Summit–Auckland NZ
In February, Mark, Matt, Ben and Leah ventured to Auckland, New Zealand for the Figured Global Agri Leaders Summit.
Newsletter
Count
•
2
March 2026
Now & Next – Issue 26
Now & Next – Issue 26
Investment bonds can help build kids’ deposits, while US political uncertainty highlights the need for diversification and clear goals.
Newsletter
Count
•
1
March 2026
January 2026 Market Wrap
January 2026 Market Wrap
Economic and Market Overview: Markets rise despite geopolitical tensions as commodities lead January gains
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.
