Andrew from Vista Financial Posted June 6, 2023 Posted June 6, 2023 In response to COVID-19, the government temporarily reduced superannuation minimum drawdown requirements for account-based pensions and similar products by 50% for 2019–20, 2020–21, 2021–22 and 2022–23 financial years. For the 2023–24 financial year, the 50% reduction in the minimum pension drawdown rate will no longer apply. This means that on 1 July 2023 when you calculate the minimum annual payment on your pension balance, the 50% reduction will not apply to the calculated minimum annual payment. https://www.ato.gov.au/Super/SMSF-newsroom/Compliance/Changes-to-minimum-annual-payments-for-super-income-streams/ 1 Quote
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.