Super changes from 1 July 2022 Flashcards
From 1 July 2022, individuals aged 67 to 74 will no longer be required to meet the work test when making, or receiving, non-concessional superannuation contributions or salary sacrificed contributions.
Bring-forward rule ($330k) to be available for 67 to 74 year olds.
Access to concessional personal deductible contributions for individuals aged 67 to 74 will still be subject to meeting the work test.
Immediate access to lump sums under the PLS (from 1 July 2022)
Eligible people will be able to receive a maximum lump sum advance payment equal to 50 per cent of the maximum Age Pension. Based on current Age Pension rates, this is around $12,385 per year for singles, while couples combined could receive around $18,670. A maximum of two advances totalling up to the cap amount are permitted in a year, for those who do not want to take an advance in one instalment.
From 1 July 2022, the minimum age for the downsizer contribution will be lowered from 65 to 60.
All other rules remain the same.
