The October federal Budget announced several changes to super to take place at the end of 2022 and start of 2023. While changes to deeming rates and the Work Bonus came into effect in 2022, here are some of the changes taking place in 2023.
Greater eligibility for downsizer contributions
In the October Budget, the government confirmed it would reduce the eligibility age for accessing downsizer benefits from age 60 to 55. This change took effect from 1 January 2023.
Find out more about downsizing contributions.
SG rate is increasing to 11%
From 1 July 2023, the superannuation guarantee (SG) rate is scheduled to rise to 11%. It will then rise to 11.5% in 2024 before reaching 12% in 2025.
Find out more about the SG rate.
Updates to key super rates and thresholds
From 1 July, a range of indexed super rates and thresholds will change in line with updates to Average Weekly Ordinary Time Earnings (AWOTE).
These rates and thresholds include:
- Government co-contribution income thresholds – currently:
- Lower income threshold: $42,016
- Higher income threshold: $57,016
- Maximum superannuation contribution base – currently $60,220 per quarter
- Low rate cap amount – currently $230,000