Extending the reduction in minimum pension drawdowns
Extends now into the 2023 income year
The Government previously temporarily reduced the minimum required rates for withdrawals from pension accounts by 50% for the 2020, 2021, and 2022 income years.
These regulations extend this measure to cover the 2023 income year as well.
For example, a taxpayer aged 67 with an account-based pension would ordinarily be required to make a withdrawal of a minimum of 5% of their account balance in the income year. For 2020-2023 this has been reduced by 50% (i.e., to 2.5%).
Related Insights
Rates, Rain and Repayments
Rates, Rain and Repayments
Changing interest rates can pressure farm cash flow. Forecasting and scenario planning can help primary producers prepare and plan ahead.
WET Producer Rebate Cap Increase
WET Producer Rebate Cap Increase
From 1 July 2026, the WET Producer Rebate cap rises to $400,000, giving eligible wine producers up to $50,000 more in annual tax relief.
Holiday Homeowners on Notice: The ATO Tightens the Rules
Holiday Homeowners on Notice: The ATO Tightens the Rules
ATO guidance puts holiday home deductions under greater scrutiny, with private use and genuine rental intent now key considerations.
We are here for you
We look forward to working with you to help you achieve a better financial future. Let us guide you on the path to financial success.
Contact your preferred Murray Nankivell office today.
