Reduced minimum super drawdown rates extended

New legislation has been registered to extend the temporary reduction in the superannuation minimum drawdown rates

This means the minimum annual payment you need to make for your member's account-based pensions and annuities, allocated pensions and annuities and market-linked pensions and annuities will remain reduced by 50% for another year.

As a trustee of a self-managed super fund, you need to ensure the minimum drawdown rate is paid. However, your member can choose to receive more than the temporarily reduced minimum drawdown rate.

Talk to your members who are receiving a pension about their situation for the 2022–23 income year to find out if they want to take advantage of the extension of the temporarily reduced minimum drawdown rate.

Read more about SMSFs here or call the team at Flor-Hanly in Mackay on 07 4963 4800.

Source: ATO