Need to know

The ATO has released several important superannuation rates and thresholds for the 2022/23 financial year.

Review your clients’ salary sacrifice arrangements considering the higher SG rate. Clients with catch-up concessional contributions may have a higher concessional contribution cap. 

It may be necessary to update affected assumptions in any financial modelling tools.

Many Centrelink rates and thresholds will be indexed on 1 July 2022. Notable changes include an increase in the income and asset test thresholds for social security pensions.

It will be necessary to apply these new benefit and payment rates when estimating Centrelink entitlements.

Clients who were previously not entitled to a benefit and were marginally above the upper income and/or asset test threshold may be entitled to a small benefit.

Many aged care fees, charges, subsidies and supplements will be indexed on 1 July 2022.

For further information, see the links below:

Updated schedule of fees and charges for residential and home care (entry post 30 June 2014)

Updated schedule of fees and charges for residential and home care (entry pre 1 July 2014)

Updated aged care subsidies and supplements.

Client fees relating to residential aged care and home care may change from 1 July 2022.

4.07% to 5.00% per year for residents entering care between 1 July 2020 and 30 September 2022.

Historical interest rates can be found here.