HomeSMSF NewsReduction in minimum payments for account based pensions

Reduction in minimum payments for account based pensions

The government has extended the reduction in the minimum payment for pensions from superannuation
accounts by 25% for 2012-13.

Pension drawdown relief has been taking place for a number of years and while the government indicated that the minimum payment amounts would return to normal in 2012-13, equity markets continue to be volatile and extending drawdown relief for a further year will assist retirees to recoup capital losses as equity markets recover over time.

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Diana Morris founded The SMSF Accountant in 2010. Diana is a member of both CPA Australia and Chartered Accountants Australia and New Zealand and an affiliate of The Tax Institute. She holds a current public practice certificate, and is a registered tax agent. Diana has completed a Bachelor of Commerce degree and a Graduate Diploma of Chartered Accounting.