Updates to Superannuation Changes 2022

Updates to Superannuation Changes 2022

Staying up to date on superannuation legislation is essential not just for ensuring compliance, but also for maximising the benefits of superannuation as part of a well-prepared wealth management strategy for Tax Accountant Melbourne.

We gained clarity on numerous 2022 superannuation updates earlier this month, which will take effect in a few months.

CHANGES TO INCOME THRESHOLD FOR SUPER GUARANTEE ELIGIBILITY

The Australian Government announced on 11 May 2021, as part of the 2021–22 federal Budget, that the $450 monthly threshold would be removed, allowing eligible employees to be covered by a super guarantee regardless of their monthly earnings.

Employers will be compelled to make super guarantee contributions to their suitable employees’ super fund from July 1, 2022, regardless of how much they are paid.

Our Tax Accountant in Melbourne helps employers to verify their payroll and accounting systems have been upgraded for super payments received after July 1, 2022, for ensuring employees’ super guarantee entitlement is appropriately calculated.

First Home Super Saver (FHSS) Scheme

The first House Super Saver (FHSS) scheme lets you to put money aside in your super fund for your first home.

With superannuation’s favourable tax treatment, firsttime buyers will be able to save more quickly.

The number of eligible contributions that can count toward the highest releasable amount across all years will enhance from $30,000 to $50,000 starting from July 1, 2022. The maximum amount of qualifying contributions that can be used to your FHSS maximum releasable amount for each fiscal year remains at $15,000. Our expert Accountants Melbourne will help individuals for more understanding of this First Home Super Saver (FHSS) Scheme.

REDUCTION TO DOWNSIZER CONTRIBUTION AGE The eligibility age for the Downsizer Contribution will be lowered from 65 to 60.

Downsizer contributions were introduced in July 2018 to allow people who would otherwise be unable to make nonconcessional contributions due to their age or contribution cap constraints to put the money from the sale of their property into superannuation. Downsizer contributions are exempt from the age and work test requirements that apply to other non-concessional contributions, as well as the nonconcessional contribution cap. Individuals who do not want to wait until they are 65 to employ the downsizer contribution scheme will gain. Rest they can also gain more knowledge by searching Tax Accountant near me in Melbourne.

Final Say Reliable Accountants Company Melbourne Accountants helps individuals to gain diverse knowledge of superannuation updates. Our highly professional Melbourne Tax Accountants will be beneficial for individuals and businesses to deal with various taxation and accounting services.

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