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
Now & Next – Issue 25
Now & Next – Issue 25
Retirement spending shifts across three stages, requiring adaptable planning and income strategies to balance early lifestyle goals, later stability, rising care costs and longevity risk.
Cybersecurity Tips to help keep you and your information safe
Cybersecurity Tips to help keep you and your information safe
Protect your financial data with strong passwords, MFA, phishing awareness, updates, secure Wi-Fi, account monitoring, backups, and trusted cyber advice.
Navigating Self-Managed Super Funds and Death Benefit Nominations
Navigating Self-Managed Super Funds and Death Benefit Nominations
SMSFs offer control over retirement savings, but valid death benefit nominations are essential to ensure benefits are distributed according to your wishes and legal requirements.
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.
