Following the release of the 2022-23 Federal Budget, Super SA has moved to remind its members of superannuation changes due to come into effect on 1 July.
Super SA said that while the Budget caused no significant change to superannuation, there were a number of changes from previous budgets that would come into effect on 1 July.
“Additionally, it was announced that the temporary reduction in superannuation minimum drawdown rates will again be extended,” Super SA said.
It said key changes included increasing the Superannuation Guarantee to 10.5 per cent; higher withdrawal limit for the First Home Super Saver Scheme; and Removal of the $450 monthly income threshold for super contributions.
Super SA said the Superannuation Guarantee (also known as SG or Employer Contributions) was the minimum super contribution paid into super by employers.
“SA Government employees who are members of Triple S and Super SA Select will see their employer contributions increase to 10.5 per cent from 1 July 2022,” it said.
Super SA said the First Home Super Saver Scheme allowed people to make voluntary contributions into their eligible super fund to save for their first home.
“On 1 July 2022, the maximum amount of voluntary contributions first home buyers can take from the First Home Super Saver Scheme will increase from $30,000 to $50,000,” it said.
Super SA said the removal of the $450-a-month income threshold for compulsory employer super contributions meant people working part-time or on an ad-hoc basis – the majority of whom were women – would start receiving super contributions from their employers.
“It should be noted that the SA Government does not generally apply this threshold to Public Sector employees, meaning that Public Sector employees on any income receive super contributions,” Super SA said.
