You may recall that at the start of the financial crisis in 2008, the Federal Government announced they would halve the minimum annual pension payment amount, ie the minimum amount of the pension that you have to pay from your superannuation fund each year.
This concession was due to expire on 30 June 2010, however, the Government has recently announced that they will again halve the minimum pension amount for the 2010/2011 financial year.
What this means is that if you are, say, 65 years of age on 1 July and receive an account based pension from your superannuation fund, the minimum you have to withdraw is 2.5% of the account balance (previously 5%).
Please do not hesitate to contact us if you would like further clarification.
Kind regards
from the Champion's Team
This concession was due to expire on 30 June 2010, however, the Government has recently announced that they will again halve the minimum pension amount for the 2010/2011 financial year.
What this means is that if you are, say, 65 years of age on 1 July and receive an account based pension from your superannuation fund, the minimum you have to withdraw is 2.5% of the account balance (previously 5%).
Please do not hesitate to contact us if you would like further clarification.
Kind regards
from the Champion's Team