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GrantConnect
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The Countries that Export the Most Wine in the World
Article archive
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Quarter 2 of, 2020 archive
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‘HomeBuilder’ grants now available.
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$150k instant asset write-off extended for 6 months
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JobKeeper documentation ‘absolutely critical’ in ATO audit
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Tax Time Checklists - Individuals; Company; Trust; Partnership; and Super Funds
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ATO updates JobKeeper compliance approach
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COVID-19 hotspots - tax time 2020
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Tax reform to feature heavily in PM’s JobMaker plan
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Jobkeeper Fraud warning
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ATO extends initial JobKeeper payment deadline
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Boosting cash flow - ATO
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Our website, your resources
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ATO releases JobKeeper alternative test
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Temporary Working from Home Expenses Rule
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Minimum Pensions Halved – 2020 & 2021
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More coronavirus support for landlords, commercial tenants
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COVID-19: Early Childhood Education and Care Relief Package
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What Covid-19 relief packages mean to you.
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Now I’m working from home, what can I claim?
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Global statistics plus Covid-19 updates
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ATO clarifies COVID-19 rent relief concerns
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Banks to defer small-business loan repayments for 6 months
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Historic $130bn wage subsidy to cover 6 million workers
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Stage 2 – Covid-19 stimulus package.
Minimum Pensions Halved – 2020 & 2021

Retirees have support to preserve their superannuation benefits by changing their minimum pension.

         

Superannuation fund values will have suffered from coronavirus driven financial market volatility, particularly since stock market peaks of February 2020.

The Government is temporarily reducing the superannuation minimum drawdown requirements for account-based pensions and similar products by 50% for the 2019-20 and 2020-21 income years.

Age

Default minimum draw down rates (%)

Reduced rates by 50% for 2019-20 and 2020-21

Under 65

4

2

65-74

5

2.5

75-79

6

3

80-84

7

3.5

85-89

9

4.5

90-94

11

5.5

95 or more

14

7

 

A similar temporary measure occurred from 2009 to 2011 following the global financial crisis.

This measure will reduce  the need to sell investment assets (at a depressed time) to fund minimum drawdown requirements.

 

 

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