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
Tax News for Residents Selling Property from 1st January 2025
Tax News for Residents Selling Property from 1st January 2025
Foreign Resident Capital Gains Withholding rules are changing on 1st January 2025.
Checklists for your 2023-24 Tax Return
Checklists for your 2023-24 Tax Return
From tax return checklists to FBT declaration forms, we want you to have easy access to the forms that will help provide you with a comprehensive service
Payday super - the details
Payday super - the details
From 1 July 2026, employers will be obligated to pay superannuation guarantee (SG) on behalf of their employees on the same day as salary and wages instead of the current quarterly payment sequence.
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.