Super Opportunities for the New Financial Year

Financial Planning Read time 3mins
25 May 2022
Now Reading: Super opportunities for the new financial year
As we head toward the end of this financial year, there’s still time to potentially boost your super by working within the super rules and being aware of some of the new rules and opportunities.
We outline options you can still look at before 30 June and also detail new rules from 1 July 2022.

1. Before 30 June, consider making a personal concessional contribution

As personal concessional contributions are tax-deductible, this offers an option to direct funds into your super fund and potentially reduce the personal tax you pay for the financial year. Even if you can only afford to make a modest contribution to super, you may still be able to receive a tax benefit*.

There are annual limits on how much you can put into super, so you do need to check how much room you still have left under the $27,500 concessional contributions cap for this financial year, understanding that employer superannuation guarantee contributions also form part of that maximum contribution level.

2. From 1 July 2022, the following changes will apply on superannuation contributions

Increase in the superannuation guarantee

For those still working, the percentage rate for the Super Guarantee (SG) increases from 10 per cent to 10.5 per cent. This means employers will be required to contribute additional money into their employees’ super accounts in line with the new higher SG rate. This will automatically direct more funds into your superannuation account, providing your income remains at least the same.

Removal of the work test

Individuals aged 67-74¹ will have greater opportunity to contribute to super through the removal of the work test for personal (after-tax) contributions² and salary sacrifice contributions. The test requires you to undertake work for at least 40 hours in a consecutive 30-day period in the financial year a super contribution is made. It is important to note that the work test still applies if you make a personal contribution and wish to claim a tax deduction.

Increasing limits on after-tax contributions

Individuals aged 67-74¹ will have greater opportunity to contribute to super through an increase to the total amount of after-tax or non-concessional contributions (NCC) that may be made within a single financial year.

If you meet certain requirements, you may be eligible to ‘bring-forward’ NCCs from future financial years, to make even larger contributions under the ‘bring-forward rule’ where you may be able to contribute up to $330,000 either in a single financial year, or over a three-year period.

From 1 July 2022, you may be able to access the bring-forward rule if you’re aged less than 75 on the prior 1 July*.

Change of age eligibility for the downsizer provision

The eligible age for the downsizer provision is reducing from 65 to 60, thereby increasing the number of individuals who may be eligible to make a downsizer contribution and boost their retirement savings. If the downsizer criteria are met, it may be possible to contribute up to $300,000 per person (or $600,000 per couple) from the proceeds of selling your home, without impacting your concessional or non-concessional contribution caps.

To explore any of these options and determine what might be suitable for you and your personal circumstances, please speak to your adviser.

*Specific eligibility and criteria apply on this new super rule and can be found through your adviser or at


¹ Contributions must be received no later than 28 days after the month in which the person turns age 75.

² Personal contributions include those for which you do not claim a tax deduction, spouse contributions and small business CGT amounts.


The information was prepared by Evans and Partners Pty Ltd (ABN 85 125 338 785, AFSL 318075) (“Evans and Partners”). Evans and Partners is a wholly owned subsidiaries of E&P Financial Group Limited (ABN 54 60 9913 457) (E&P Financial Group) and related bodies corporate.

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