2022: What the year holds for super

08 Feb 2022 3 min read

In 2022, several changes to super that were part of the 2021 federal budget are expected to come into effect. We’ve grouped these according to their relevance to working versus retired Fund members below.


Superannuation Guarantee rises to 10.5%

Probably the most significant change for working members is that the Superannuation Guarantee is legislated to increase to 10.5% from 1 July, (from 10% for the 2021-22 financial year). This is one of a series of incremental increases to take the Superannuation Guarantee to 12% on 1 July 2025.

Superannuation Guarantee wage threshold

There is currently a $450 threshold per calendar month — that is, if you’re 18 and over, you need to earn $450 or more to be eligible for the Super Guarantee from your employer. From 1 July 2022, this will be abolished, which is a great outcome for those on low incomes or who work multiple part-time jobs.

More funds accessible under the first home super saver scheme

Currently, eligible members buying their first home can use the first home super saver (FHSS) scheme to access up to $30,000 from their super. This amount will increase to $50,000 (plus earnings, less tax) from 1 July 2022. You need to have made eligible contributions to your super first to access this money. Visit our FHSS scheme page for more detail on how the scheme works.


Work test for retirees abolished

The current work test means that if you’re between 67 and 74, to contribute to your super, you must satisfy the work test. The test states that you must be employed for at least 40 hours over a consecutive 30-day period, in the same financial year you make the contributions.

This work test will no longer apply to non-concessional or salary sacrifice contributions from 1 July 2022.

Earlier access to downsizer contribution

The downsizer scheme, which allows you to make a one-off contribution of up to $300,000 ($600,000 for a couple) to your super from the sale of the family home, is currently only available to those aged 65 and above. From 1 July 2022, the minimum age will be 60.

You can read more about the scheme, including eligibility and important considerations, on our downsizer contributions page.

Home Equity Access Scheme (formerly Pension Loans Scheme)

From 1 January 2022, the Pension Loans Scheme is known as the Home Equity Access Scheme. Under this scheme, eligible retirees may be able to secure a government loan using the equity in any property they own.

The upcoming change to the scheme means that from 1 July 2022, there is an option to receive 2 lump sum payments — currently fortnightly payments only are available.

Stapling: a reminder

Although it has already come into effect (on 1 November 2021), stapling — where your stapled super account follows you from job to job is a relatively new, and quite significant, change to super.

You can still choose your preferred super account at any time, but you won’t move to a new fund every time you change jobs. Find out more, including the Choice of fund form, here.

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