Super changes from 1 July

Increase in SG rate

What’s changing: the Super Guarantee (SG) rate increases from 10% to 10.5% for all eligible workers. 

What this means: from 1 July, you’ll be receiving extra into your super which is great news for anyone who is working and saving for their retirement.

Removal of the $450 monthly SG threshold

What’s changing: the $450 monthly minimum threshold to qualify for SG contributions will be removed.

What this means: from 1 July, employers will be required to contribute super for all employees (including casual and part-time employees), regardless of how much they earn. In other words, more people will be entitled to receive SG contributions to save for retirement.

The only exceptions are employees aged under 18 and those who are working less than 30 hours per week.

Removal of the ‘work test’ for voluntary contributions

What’s changing: the work test (that is, the requirement for a person aged between 67-74 to work for at least 40 hours in a 30-day period before any super contributions can be accepted) will be removed. 

This applies to:
•    before-tax (salary sacrifice) contributions
•    after-tax contributions; and 
•    spouse contributions.

What this means: from 1 July, anyone under the age of 75 who wishes to top up their super with voluntary contributions (or contribute to their spouse’s super) can do so without having to meet the work test. 
To be eligible, you must have a super balance of less than $1.7 million. 

Extension to the minimum drawdown rate for retirees

What’s changing: nothing – the temporary reduction in minimum drawdown rates for super income streams will continue.

What this means: retirees can continue to draw down half of the minimum drawdown amount from their super. This extension will apply to the end of June 2023.

Expansion of the First Home Super Saver Scheme

What’s changing: the maximum amount that can be withdrawn under the First Home Super Saver Scheme (FHSSS) will increase from $30,000 to $50,000.

What this means: from 1 July, you can contribute up to $50,000 in total voluntary contributions made under the FHSSS. For many people, this could boost the savings of a first home compared with saving through a standard savings account.

Reduction in age for downsizer contributions

What’s changing: the eligibility age for making downsizer contributions into super will be lowered from 65 years to 60.

What this means: from 1 July, retirees over the age of 60 can make a downsizer contribution up to $300,000 into their super following the sale of their home, enabling more people to boost their super in the run-up to retirement.


Got a question about super?
When it comes to planning for your retirement, there is no substitute for good financial advice. So if you have any questions about your super or pension, we’re here to help. Our financial planners are located in Sydney, Melbourne, Brisbane and Fremantle. If you can’t make it into one of our offices, no need to worry; our financial planners regularly travel around Australia and can come to you. Call 1800 757 607 to speak with a financial planner.


The information on this page has been issued by Maritime Financial Services Pty Limited (MFS). It contains general information that doesn’t take into account your individual objectives, financial situation or needs. It’s important to consider how appropriate this general information is in relation to your situation before making an investment decision. We recommend that you seek financial advice before making any decisions regarding your super or investments. The information on this page is current at the time of publishing.