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Federal Budget 2022: Superannuation

March 2022

Perhaps surprisingly, there were few superannuation measures in the Federal Budget beyond the extension of the minimum drawdown rates.

Reduction in minimum superannuation drawdown rates extended again

The temporary 50% reduction in superannuation minimum drawdown requirements for account-based pensions and similar products has been extended to 30 June 2023.

 Minimum superannuation drawdown rates 2019-2023

Age

Default minimum drawdown rates (%)

Reduced rates by 50% for the 2019-20 to 2022-23 income years (%)

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

More from the Budget

Federal Budget 2022: A Budget for the Ballotbox

Federal Budget 2022: For you and your family

Federal Budget 2022: Business and Employers

Federal Budget 2022: Education and Training

Federal Budget 2022: Government and Regulation

Federal Budget 2022: Other announcements

Federal Budget 2022: The Economy

 

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Disclaimer

This article is provided for information purposes only and correct at the time of publication. It should not be used in place of advice from your accountant. Please contact us on 02 9957 4033 to discuss your specific circumstances.

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