Liam Drady
End of financial year countdown
It’s a big time of year in the world of small business and tax, so we’ve put together a quick checklist and some key changes… from End of financial year countdown
Update
Federal Budget 2022 – Superannuation
Extension of the temporary reduction in superannuation minimum drawdown rates
The Government announced it will extend the 50 per cent reduction of the minimum drawdown requirements for superannuation income streams for a further year to 30 June 2023. The minimum drawdown requirements determine the minimum amount of a pension that a retiree has to draw from their superannuation in order to qualify for tax concessions.
The minimum annual drawdown rates are as follows:
| Age | Standard rate | Temporary reduction
2019-20 to 2022-23 |
| 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 and over | 14% | 7% |
