Current news from our news service

Hot Issues
spacer
COVID-19 resources - Jobkeeper, Victoria Stage 4 Update
spacer
JobKeeper Phase 2 - Latest Update
spacer
Payroll Tax 2020 concessions and JobKeeper
spacer
High alert issued over myGov tax time scam
spacer
Extended director penalty regime to catch out ‘zombie companies’
spacer
SG amnesty deadline - 7 September
spacer
‘Hundreds’ to be contacted in ATO early super compliance blitz
spacer
90,000 SMEs to benefit from new JobTrainer program
spacer
Work Related expenses – 2020
spacer
‘Everyone is now on notice’: ATO acquires COVID-19 data on 3m Aussies
spacer
Extra Tools & Resources for our clients.
spacer
Year End Tax Deductions – “equipment”
spacer
Home Office Claims 2020
spacer
Early release of super sees ‘high take-up’
spacer
Tax time 2020: ATO homes in on rental deduction claims
spacer
ATO announces Div 7A COVID-19 assistance
spacer
‘HomeBuilder’ grants now available.
spacer
$150k instant asset write-off extended for 6 months
spacer
EOFY considerations and 3 Tax Time Checklists
spacer
JobKeeper documentation ‘absolutely critical’ in ATO audit
spacer
ATO updates JobKeeper compliance approach
spacer
COVID-19 hotspots - tax time 2020
spacer
Tax reform to feature heavily in PM’s JobMaker plan
spacer
Jobkeeper Fraud warning
spacer
ATO extends initial JobKeeper payment deadline
spacer
Boosting cash flow - ATO
spacer
Our website, your resources
spacer
ATO releases JobKeeper alternative test
Article archive
spacer
Quarter 2 April - June 2020
spacer
Quarter 1 January - March 2020
spacer
Quarter 4 October - December 2019
spacer
Quarter 3 July - September 2019
spacer
Quarter 2 April - June 2019
spacer
Quarter 1 January - March 2019
spacer
Quarter 4 October - December 2018
spacer
Quarter 3 July - September 2018
spacer
Quarter 2 April - June 2018
spacer
Quarter 1 January - March 2018
spacer
Quarter 4 October - December 2017
spacer
Quarter 3 July - September 2017
spacer
Quarter 2 April - June 2017
spacer
Quarter 1 January - March 2017
spacer
Quarter 4 October - December 2016
spacer
Quarter 3 July - September 2016
spacer
Quarter 2 April - June 2016
spacer
Quarter 1 January - March 2016
spacer
Quarter 4 October - December 2015
spacer
Quarter 3 July - September 2015
spacer
Quarter 2 April - June 2015
spacer
Quarter 1 January - March 2015
spacer
Quarter 4 October - December 2014
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.

 

 

AcctWeb

 

 

site By PlannerWeb