They affect different people differently and will provide benefits and opportunities for many.

The change that will benefit the most people is the increase in the Super Guarantee rate to 10.5 per cent.

From July 1 employers are obliged to increase SG payments for all workers from the current 10 per cent. The rate is to rise by 0.5 per cent each year until it reaches 12 per cent from July 2025.

Another change involving the Super Guarantee is the abolition of the threshold below which SG payments don't have to be paid.

Previously employers didn't have to pay super contributions for workers in any calendar month in which they earned less than $450.

That rule was designed to reduce the amount of time small business owners spent paying very small super contributions back when the SG rate was lower and the process more manual.

Now with more efficient electronic systems super payments must be made for all staff no matter how small the amounts.

The First Home Super Saver Scheme is a very attractive option for people saving to buy their first home. They can make voluntary super contributions, claim a tax deduction for them and collect a tax refund, then later draw the money back out of super for their first home deposit.

The maximum they can draw out for the home deposit has increased from $30,000 to $50,000 per person. Their maximum tax-deductible contribution each year remains at $15,000.

When Covid arrived in 2020 the government reduced the minimum amount retirees must draw from their account-based pensions by half, so fewer assets had to be sold at depressed prices to pay the pensions.

That is being extended another year and will now end in June 2023.

The downsizer super contribution rule allows people who sell a long-term home to put up to $300,000 from the sale into super.

The idea is to encourage home sales and make more large homes available to young families. The minimum age was 65 but that has been reduced to 60 from now on.

From July 2022 anyone under age 75 is able to make super contributions. They will only need to satisfy the work test if they wish to claim a tax deduction for the amount. Why might a retiree want to put money in super? Because it is in a totally tax-free environment once converted to a pension.

The maximum amount allowed is $1.7 million. Working people often don't have lumps of money to invest. When they retire, they often sell properties, businesses and share portfolios and have cash to contribute to super. Now they can do so until they reach age 75.

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