LATEST ACCOUNTING NEWS

Extension in minimum drawdown rates

The temporary reduction in superannuation minimum drawdown rates (due to covid impact on earnings)has been extended to 30 June 2022.

This allows retirees the option to manage income payments differently during times of uncertainty.

Age at 1 July 2021

Temporary Minimum Drawdown rates

(until 30 June 2022)

Default minimum drawdown rates

(from 1 July 2022)

Preservation age to 64

2.0%

4.0%

65 to 74

2.5%

5.0%

75 to 79

3.0%

6.0%

80 to 84

3.5%

7.0%

85 to 89

4.5%

9.0%

90 to 94

5.5%

11.0%

95 and under

7.0%

14.0%

 

 

 

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