The changes to super you should know about - Raiz Invest

There has been a raft of changes made across super, with many coming into place on 1st July, 2022. Want some help getting across them? Here’s what you need to know.


The super guarantee has gone up to 10.5% from 10%

The super guarantee is scheduled to increase by 0.50% each year until it reaches 12% on July 1, 2025. This means on July 1, 2023, the guarantee will increase to 11%.

If you are on a superannuation-inclusive salary package, your take-home cash payments will be reduced by 0.5% per year due to the Super Guarantee increase. For example, an employee on a $60,000 superannuation-inclusive salary package will currently have $6,000 going into their superannuation fund each year. When this increased to $6,300 on 1st July, their annual take-home pay also reduced by $300.

For those on a salary plus super package, it’s good news, as you will now receive an extra 0.5% a year from your employer in your total compensation package, with the extra 0.5% directed to your chosen super account.


First Home Super Saver Scheme releasable amount increasing to $50,000

There are many Aussies dreaming of one day buying their first property, and this scheme is one way to try and help Aussies achieve this.

You can have a maximum of $15,000 of your voluntary super contributions from one financial year included in your eligible contributions to be released under the FHSS scheme.

Previously, Aussies could only get a maximum of $30,000 of contributions eligible to be released for the FHSS, but from July 1, 2022, this has increased to $50,000. However, the maximum contributable amount per financial year under the scheme remains at $15,000.


Removal of $450/month threshold for super guarantee eligibility

Now even low-income earners may be eligible for the super guarantee.

Up until July 1, 2022, if you earned less than $450 per month, you were not eligible to receive super guarantee contributions from your employer. But now, providing an employee works 30 hours or more in any week in a calendar month, they are now eligible to super guarantee contributions.

It doesn’t matter if the employee is under 18, or if they earn less than $450 per month, the super guarantee still applies, which is now 10.5%, up from its previous level of 10%.


Downsizing contributions into super

This policy can help those aged 60 and above who want to contribute up to $300,000 from the sale of their home into super. Previously, one had to be 65 years old to be able to do this.


  • Must be aged 60 or above
  • House in Australia must have been owned by you or your spouse for at least 10 years
  • You must not have previously made a downsizer super contribution from the sale or part sale of another home.


Aussies investing in themselves

All of these changes are designed to ensure more Aussies are investing more and more for their future selves. And that is going to hopefully have a positive impact in the financial freedom for many Aussies in the year to come. To see the current schemes around super, click here.

All investments carry risk.

To see if Raiz Invest Super is suitable for you, please read the PDS.

For information on Raiz Invest Fees, click here.



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