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Auswild & Broad Blog

 

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21Apr

Extending the reduction in minimum pension drawdowns

Superannuation Legislation Amendment (Superannuation Drawdown) Regulations 2022

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%).