Superannuation: 2022-2023 Federal Budget Summary

Extension of the reduction in superannuation minimum drawdown rates

The halving of the superannuation minimum drawdown requirements for account-based pensions and similar products will be extended for a further year to 30 June 2023.

The minimum drawdown requirements determine the minimum amount of a pension that a retiree must draw down from their superannuation in order to qualify for tax concessions.

Source: Budget Paper No 2, p 28.

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About the Author: David McKeller

David McKellar is a Chartered Accountant and Director of Allied Business Accountants, an accounting firm specialising in providing strategic advice and taxation services to business owners, investors and Self Managed Superannuation Funds.

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