Changes to Superannuation Minimum Drawdown Requirements in Response to COVID-19
Conclusion of Temporary Reductions for the 2023–24 Financial Year
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.
To find out more about this superannuation topic, contact the award-winning team at Intuitive Super team in Toowoomba, Dalby or Chinchilla on 1300 856 064. Read more at https://carrickaland.com.au/smsf/.