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Person completing their taxes

Who is the typical Australian taxpayer?

Remember the heady days of 2019? They were pre-COVID with fewer restrictions on our movement and a greater ability to get together.

Reminiscing about those pre-COVID days took me back to a large group dinner at a restaurant in which 100 people came together to celebrate. It was a day of freedom, fun and frivolity. The drinks flowed, whether one drank water or wine, the food was plentiful, the jokes – some a little risqué, some corny – added to the convivial atmosphere.  Then came the bill, with a side order of complication.  While some had lived large, others had supped on salad. This large group, in various states of sobriety, needed to decide how to split the bill. The fair thing might be for each to pay for their own consumption but even that was complicated. Some couldn’t really afford to pay.

Now, you may wonder why people came to dinner if they couldn’t afford to pay but what if the restaurant was Scotty’s Famous Restaurant (aka our Federal Government) and the diners were taxpayers paying for government services via taxation. How does Scotty do it?

Each year, the ATO distils tax information from 14.7 million people into a profile of 100 Australian taxpayers.  It’s a nice way of making information more digestible by converting a percentage to real numbers.

So, let’s take a closer look at the merry 100 diners in Scotty’s Famous Restaurant. But, before we do, as with pre-COVID days, the numbers are from 2018/2019 because:

(a)  We can’t have 100 diners together in a restaurant anymore (at least, not in Victoria) and some state borders remain closed.

(b)  The bill is paid after the meal or, to put in in tax terms, we pay tax after the end of the financial year; and

(c)  Some people reach for their wallets a little slower than others, submitting their tax returns late.

As you can see from the illustration below, Scotty’s Famous Restaurant has drawn people from all over Australia.

Breakdown of 100 Australian Taxpayers

The split of diners is fairly representative of the population split in Australia.

But, the number of diners at the table only represents bums on seats. It doesn’t tell us what each has paid or consumed. Some will pay more than others and Scotty’s Famous Restaurant isn’t just famous for its food. It’s famous for its payment method. High income earners pay more than low or no income earners. Why? Because our tax system is predicated on the same principle as our health system, the healthy subsidise the sick, and the high income earners subsidise the lower income earners.

So, how did our diners pay? Nine people paid 48% of the bill while 25 paid no tax.  Some felt that was unfair until the discussion at the table turned to the broader contribution each diner makes to society. Why should a nurse, a teacher, an ambulance driver or a police officer earn less than an engineer, architect or top footy player? 25 of our diners were happy to be earning income while out dining, ten of these operate a business in their own name, while the remaining 15 earn rental income (only 6 enjoy a rental profit).

Scotty knows that paying the bill can spoil a good dinner so he plans in advance and asks for money upfront. Eighty of our diners paid too much and received refunds, while 13 people didn’t pay enough and, not willing to do the dishes, they had to pay more. The remaining seven of our diners, we can call them Goldilocks, paid exactly the right amount.

So, who paid what exactly?  Nine of our diners paid 48% of the bill. Yes, that’s right. Ending the restaurant parable for a moment and returning to real life, 48% of income tax is paid by 9% of taxpayers. The next 31% of taxpayers paid 40% of all net tax while 25% of 14.7 million taxpayers paid no net tax.

We hope you enjoyed this visit to Scotty’s Famous Restaurant. While the restaurant itself is a fantasy, the numbers are a reality and perhaps remind us of the contributions we make, whether monetary or otherwise, are also investments both for our own future and the future strength of Scotty’s Famous Restaurant, aka the great fertile food and cultural bowl we know as Australia.

Please note this article provides general advice only and has not taken your personal, business or financial circumstances into consideration. If you would like more tailored advice, please contact us today.

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Man holding first home keys

Thinking about buying your first home?

Buying your first home is a dream many Australians think is out of reach and saving for a deposit in an increasing property market only deflates one’s saving momentum.

The bank of mum and dad or an unexpected inheritance from that great aunt can assist, however, it is not often a bankable deposit.

The federal government has a saving scheme that helps first homebuyers make every dollar saved work that little bit harder.

I guarantee that many of you reading this have never heard of the First Home Super Saver Scheme.

So why are so few Australians saving for their first home through the First Home Super Saver Scheme? It is complicated, let me explain.

What is the First Home Super Saver Scheme (FHSSS)?

It is an interesting savings option that allows savings to be deposited and withdrawn from your superannuation account.

The deposit earns a set rate of return of 3% above the 90-day Bank Bill rate (0.12% p.a. as of 29/10/2021).

Investment earnings are taxed internally within superannuation at a maximum of 15%.

The voluntary super contributions that can be made are:

What are the FHSSS contribution limits?

  • Annual limit – $15,000 of voluntary contributions
  • Total limit – $30,000 on all voluntary contributions (may increase to $50,000 once legislated).

What are the eligibility requirements?

The applicant must:

  • be over 18 at the time the determination is requested
  • have no previous FHSSS release authority
  • have never previously owned an interest in Australian real property (with some exceptions involving financial hardship provisions)
  • occupy or intend to occupy the property as soon as practicable
  • intend to occupy the property for at least 6 of the first 12 months that it is practicable to occupy the property.

The property must:

  • be located in Australia
  • a real property
  • capable of being occupied as a residence
  • not a mobile home or houseboat.

What is the maximum release amount?

To sum it up, the FHSSS maximum release amount is:

  • the total eligible contributions subject to the above limits, plus
  • proportioned earnings (the set rate of return) on the voluntary contributions, less
  • any applicable contributions tax.

To release the savings from super you need to apply to The Australian Tax Office (ATO) who will calculate the maximum amount that can be withdrawn upon a determination request.

A valid request must be made to the ATO within 14 days of entering a contract. If a release request is made first, you have 12 months to purchase a home and sign a contract. You must notify the ATO within 28 days of signing the contract.

Please note this article provides general advice only and has not taken your personal, business or financial circumstances into consideration. If you would like more tailored advice, please contact us today.

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Man and Child at the beach

How to budget for your family holiday

The family holiday can be a little daunting, yet exciting, and if not planned, costly.  By budgeting your holiday, you can keep control of your costs and still create great memories and experiences to last a lifetime.

Step 1 – Set a budget amount that can’t be exceeded

The reality is that there is no right or wrong number here, it comes down to what you can afford in your family’s annual household budget and any holiday can be great if planned out.

You may even find some additional funds, review your budget, see if there are any other savings you could make on discretionary items that could be directed towards the holiday instead (e.g. do you really need a daily coffee or takeaway this week or can you use this on the holiday instead?)

Step 2 – Initial Planning

The best way to do this is to plan as a family. Get everyone involved as this helps kids learn great life skills.

Consider what kind of holiday you might want to take and make a basic cost estimate to see what fits in the set budget e.g. an overseas trip won’t fit in a budget of $2000.

Identify the needs for your holiday (transport required, accommodation, food/drinks) vs wants (activities, experiences, souvenirs).  Don’t forget what you might need to arrange for whilst you are away such as pets, mail, gardens.

Discuss as a family and prioritise the wants. Everyone will be different and not everything will be able to be completed due to time or cost.  Make sure everyone gets a say in the activities. This could be a family walk, a beach trip, a fun park, day spa, the list is endless. Do some research of the places you are going to see, what is of interest, or talk to friends that have been there before.

Step 3 – Basic structure

Structure the holiday day by day accounting for time to travel and time to see things along the way.  Identify where accommodation, travel, and other costs will be spent daily.  Do a basic cost estimate and allow 10% extra for something missed. There are plenty of online tools to get estimates.  Challenge the kids to look up costs and complete a spreadsheet.

Are you close to your budget amount? If yes, we can move to a more detailed plan, otherwise, if you are over, some more thought may be required.  Are there other opportunities for saving such as the type of accommodation (self-contained to save on meals, one- or two-bedroom units or motel, caravan park stays), driving vs flying and hiring a vehicle or maybe a train trip, could you make some sandwiches for lunch to allow for meals out for dinner?

Step 4 – Details

Start identifying things to book in advance such as flights, accommodation and activity tickets.  There are plenty of savings to be made with a prior booking.  This should enable you to have a costed plan within +/- 5 to 10%.  If the budget is getting tight, research.

Research can help find some great ways for additional savings. Look for deals (e.g. stay 3 nights for the price of 2, breakfast included, kids eat free, “happy hours” for dining.) Does the time you are travelling matter as peak season/school holidays can raise costs dramatically.

Step 5 – Consider everything

Contingency – do you need it?  Think about if you were delayed by a day or more, can you afford it?  Doing riskier activities like skiing or bungy jumping?  Travel insurance is not for everyone but could be something you want to consider (and add in the budget) to cover potential issues.

Planning and taking a holiday together can be rewarding, creating family time whilst educating the family on money and time management.  Take time to listen to each other and when the time comes, given you have planned it out, financial stress should not be an issue leaving you more relaxed and able to enjoy the time away.  Most importantly have fun and capture memories to last a lifetime.

Please note this article provides general advice only and has not taken your personal, business or financial circumstances into consideration. If you would like more tailored advice, please contact us today.

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Signature on of a deceased estate

Navigating inheritance and the age pension

The receipt of inheritance brings both financial and emotional considerations.  Financially, an inheritance will more often than not improve one’s financial position by allowing debt to be paid down or the wealth base to increase.  Emotionally, the loss of a loved one is never easy, or the responsibility of applying the inheritance to ensure a ‘legacy’ is left may become a real burden.

For Age Pension recipients, there are additional considerations.

Centrelink assessment of an interest in a deceased estate

An individual’s interest in a deceased estate is an assessable asset once it is received or can be received.

It can take considerable time to finalise an estate, it is accepted that a beneficiary is unable to receive their interest in a deceased estate for up to 12 months from the death of the testator.  However, if the estate is finalised earlier the interest will be assessed from the date it is received or able to be received.

If after 12 months of the death of the testator the estate has not been distributed, Centrelink may consider the facts of the case to determine what is preventing the estate from being finalised.  If a beneficiary has contributed to the delay, their interest will be regarded as being available.

If the beneficiary is not the executor and the executor has discretionary power on how the estate is distributed, Centrelink will accept that the beneficiary has no control over the delay.  Also, Centrelink will accept that where the estate debts are yet to be paid the estate interest cannot be received.

Deprivation provisions are intended to limit the potential for recipients to avoid the assets and income tests. They apply to a person’s interest in a deceased estate or superannuation fund if the person:

  • Waives their right to their interest in the deceased estate or superannuation fund and the person obtains no, or inadequate consideration.
  • Directs the executor of the estate or trustee of the superannuation fund to distribute their interest in the deceased estate or superannuation fund to a third party and the person obtains no consideration or inadequate consideration.
  • Gives their interest in the deceased estate to a third party after the estate has been finalised for no or inadequate consideration, or
  • Gifts their interest in a superannuation fund.

Once a person’s interest in a deceased estate is assessed, the value of this asset or the deemed income may reduce that person’s age pension entitlement, possibly to zero.

Please note this article provides general advice only and has not taken your personal, business or financial circumstances into consideration. If you would like more tailored advice, please contact us today.

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Quotes to remember during market highs

Quotes to remember during market highs

Regardless of the short-term issues on the resurgence of COVID-19 driven by the Delta variant, lockdowns and restrictions, fully utilised monetary and fiscal policies alongside high inflation, the Australian and Global markets are at all-time highs. The current investment climate overloads investors with an excessive amount of information on traditional assets such as shares and property alongside speculative favourites such as GameStop and Bitcoins. It is easy to lose sight of the fundamentals of investing and below are quotes from the great investors of our generation to keep us in check.

“Never invest in a business you can’t understand.” – Warren Buffett

Many lost a fortune through the Global Financial Crisis (GFC) in investments that were not easy to understand and involved excessive complexity. While there’s likely something in blockchain and digital finance, the same caution applies to cryptocurrencies.

“More money has been lost trying to anticipate and protect from corrections than actually in them.” – Peter Lynch

Preserving capital is important. However, timing the market during and after a correction leads to investor’s becoming so focused on avoiding losses that they miss the initial positive market recovery. We have seen a bit of that ever since share markets bottomed in March 2020, with numerous forecasts for steep falls ever since and yet markets have fallen a few per cent every so often only to resume their rising trend.

“To be an investor you must be a believer in a better tomorrow.” – Benjamin Graham

If you don’t believe the bank will look after your term deposits, that most borrowers will pay back their debts, that most companies will see rising profits over time as the economy grows, that properties will earn rents, etc (and that the world will learn to shake off or live relatively safely with coronavirus) then there is no point investing. This is flippant but true – to be a successful investor you need a favourable view of the future.

“There is no free lunch.” – Anon

If an investment looks too good to be true, it probably is. Focus on investments offering sustainable cash flows (dividends, rents, interest) that don’t rely on excessive gearing or financial engineering.

If you are ever in doubt in the face of volatile market conditions, please contact one of our friendly financial advisers.

Please note this article provides general advice only and has not taken your personal, business or financial circumstances into consideration. If you would like more tailored advice, please contact us today.

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Financial goals remain similar throughout generations

Generations – All different but similar goals?

Financial advice is important at all stages of your life.  Whilst each generation has many differences, ultimately our financial goals will end the same, it’s just the timing of the priority.

When clients see a financial adviser and are asked why they are seeking financial advice, many new clients will focus on generating wealth or planning for retirement.  It’s key for the adviser to explore the client’s financial goals.  Only then can a plan be considered on how to achieve the client’s endpoint.  It’s worth understanding that we are all different, there is no right or wrong answer, and the priorities of our goals will vary over our lifetime.

The Financial Planning Association of Australia prepared a document in 2016 entitled “Dare to Dream” and a part of the survey considered achievements and goals across generations.  Notwithstanding the impacts of Covid-19 on travel and people’s work and health, much of the detail from 2016 remains apt today.

The report highlighted that whilst one in two Australians dreamt more about the future in 2016 compared to 2011, 63% had made “no plans” or “very loose plans” to practically achieve those dreams.

The survey considered the three main generations present in the workforce – Baby Boomers, Gen X and Gen Y.

Amazingly, when it came to identifying their “greatest achievement”, the top two answers provided for every generation were overseas travel and buying their first home.  Gen Y also listed a new home as their top dream, reflecting that many had yet to achieve this, but when they did it was seen as a significant achievement.  Gen X still had a first home as their number 4 dream, whereas Boomers had moved to see new furniture for their home (already in ownership) as a higher dream.

All generations would love to travel as a short and long term goal, but only Gen X / Y credited living overseas for a period as a significant achievement, reflecting the change in dynamic and the opening of world travel and opportunities through the past 20 to 30 years.  Travel is not always the highest of priorities for many clients but does feature highly in goals requiring a lump sum allocation and perhaps the need for household budgeting to accomplish.

The goal of long term planning for retirement was common across all generations and early retirement could be seen as a focus area for both Gen X and the Boomers.  Not surprisingly, all generations saw saving money, repaying debt and buying a new car as high priority short term goals.  Saving money and repaying debt are great short term goals when targeting retirement wealth and early retirement.

Ultimately, the report highlighted that the goals for all 3 generations are largely the same, it’s just the priority we allocate to them at each stage of our life that is different.  When considering your goals, make sure you target what is both important and realistic for you – your financial adviser is there to help you on your way.

Financial goals of different generationsSource: FPA, “Dare to Dream”, 2016.

Please note this article provides general advice only and has not taken your personal, business or financial circumstances into consideration. If you would like more tailored advice, please contact us today.

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Person handing over contract for deceased estate

Taxation & Deceased Estates

When a person dies, generally the responsibility for administering the deceased estate falls to the legal personal representative. This person may be an executor or administrator who has been granted a court’s probate or letters of administration. It is important to note that while there are no inheritance or estate taxes in Australia, the legal personal representative is likely to have important tax and superannuation issues to attend to.

It is important to notify the ATO and the deceased person’s super fund of the death as early as possible. The ATO will determine whether a tax return is required for the deceased person and the super fund will commence a process for the release of any superannuation entitlement. A formal death certificate will be required to fulfil an official notification of death.

Accessing information from a deceased person can sometimes be tricky. You’ll need to have probate granted or a letter of administration. In the past, tax agents, BAS agents or legal practitioners engaged by a legal personal representative were unable to access this information directly. However, effective from 15 May 2020, the legislation has been modified to allow information from a deceased person to be provided to these agents directly, given the complications associated with the tax affairs of deceased estates. A deceased estate data package will also be provided by the ATO, which includes;

  • Individual tax return information for the last three income years.
  • An extract of income and investment data for the last three income years.
  • An extract of notices of assessment issued for the last three income years.
  • Copy of the most recent statement of account.
  • Any outstanding ATO debts.
  • Any superannuation accounts identified.
  • Payroll data received for the current year.

From here, an assessment is made as to whether an individual tax return or trust tax return is required for the deceased person and their estate. All outstanding tax implications involving employment income, investment earnings and superannuation distributions will be assessed and any tax payable or refunds are applied to the deceased’s assets.

As a beneficiary of a deceased estate, there may be some tax obligations depending on the following factors;

  1. Receiving super benefits – if the deceased person had super, the super fund’s trustee will work out who to pay the benefit to and how it will be paid (lump sum or income stream). If a Binding Death Nomination is in Place, the superannuation trustee will follow those instructions. Whether tax is payable depends on whether the beneficiary is a dependant under taxation law, whether it is paid as a lump sum or income stream, the breakdown of the tax-free and taxable components of the fund, the ages of the beneficiaries and the age of the member when they died. For most funds, there will be some tax payable unless you are a spouse or financial dependant of the deceased.
  2. Receiving investment assets – Capital Gains Tax (CGT) will apply to the disposal of an asset, however, if you receive an asset, you will not be affected by CGT. If you later sell that asset, CGT may apply.
  3. Receiving/earning income – income is deemed assessable from the date of entitlement rather than the date of payment. Beneficiaries need to be conscious of reporting such income in the year of entitlement.

There is no one size fits all approach regarding deceased estates and it is usually a long-drawn process. It is highly recommended that you engage the accountant or financial adviser of the deceased and employ a legal practitioner to assist with the process.

Please note this article provides general advice only and has not taken your personal, business or financial circumstances into consideration. If you would like more tailored advice, please contact us today.

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Government superannuation reforms

Government superannuation reforms

In what seems to be the ever changing world of superannuation, the Commonwealth Government has recently passed the following reforms:

Increasing the number of members for a Self Managed Superannuation Fund (SMSF) to six from 1 July 2021.

This is useful for a family business that wants the SMSF to own the commercial property out of which the business trades, thereby ‘keeping the wealth within the family’ rather than contributing rent into the wealth accumulation strategy of an external landlord.

Increasing the number of members in a SMSF will allow for the asset pool to increase thereby opening up investment options and strategies available to the fund in order to meet wealth accumulation objectives.

Extending bring forward rules for Non-Concessional Contributions (NCC) to those 65-66 years old from 1 July 2021.

From the 2020/21 financial year, people aged 65-66 were permitted to make a voluntary contribution into superannuation without having to satisfy the work test. This allows for a NCC to be made up to the now increased $110K maximum limit, per annum from 1 July 2021.

At the time of this introduction to allow those aged 65-66 to make a NCC, the ‘bring forward’ of two future years was not permitted, which of course was inconsistent with the spirit of superannuation. However, it was hotly anticipated that the restriction would eventually be removed, which it has now been. Two future years of NCCs can now be brought forward resulting in a maximum of $330K that can be voluntarily contributed into superannuation for those aged 65 and 66.

Extend pension drawdown relief by 50% over the 2021/22 financial year.

For the last two financial years, the minimum pension payment required to be taken by superannuants from their pension accounts was reduced by 50%.

This was a measure introduced to alleviate the pressure on pension accounts being drawn down unnecessarily, resulting in ‘forced’ asset sales to shore up available cash at a time when financial markets were depressed. In essence, the concept was aimed at increasing the ‘longevity’ of pension accounts.

This measure has been extended into the current 2021/22 financial year. This no doubt will be well received by those in pension mode that don’t require the otherwise ‘normal’ minimum withdrawal.

Superannuation guarantee increase to 10% on 1 July 2021.

This refers to the amount employers are required to ‘compulsory’ contribute into superannuation on behalf of an employee. Previously the rate was set at 9.5% of gross salary, it is now 10%.

Another change to be aware of is the increase in contribution caps for the two different types of contributions. As mentioned above, the ‘NCC’ cap has been increased to $110K per annum. Similarly, the ‘concessional’ or taxable contribution cap has been increased by 10% to $27,500 per annum.

There is further scope and incentive for those in accumulation mode to increase the amount that can be contributed into their retirement asset of superannuation. These are positive steps to alleviate gaps in the retirement system, which will make it fairer for everyone.

Please note this article provides general advice only and has not taken your personal, business or financial circumstances into consideration. If you would like more tailored advice, please contact us today.

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Shares on a screen

Time in market, or timing the market?

In hindsight, looking at a chart of a company’s share price, it would be perfectly easy to make money any day of the week, by buying at the bottom and selling at the top.

In practice, it is not easy at all.

It is often the opposite that occurs, with the result that buyers enter near the top of the market, and when the market falls, they decide they don’t want to lose any more money, and they sell out, often near the bottom of that dip. These times are often recognisable because everyone has a stock market tip for you in a topping market, and again at the bottom when all and sundry have decided that they can’t bear it anymore and will put their money in the bank. They have realised a loss, which is difficult to recover.

Our investment team constantly researches markets and companies, before recommending a purchase. We are looking for solid companies, with good management, good cash flow, a solid performance history, preferably a franked dividend, and something where we see some value so far as price is concerned. Fair value of a company sometimes equates to its current share price but may be much more or less than the current market price. We don’t buy if we consider a company over-priced, but we like the underpriced gems that sometimes show up.

At The Investment Collective, we like to utilize a ‘buy and hold’ strategy, populated by the companies where we see value. We may wait to purchase a stock if we think the market price is a bit high compared with what we see as its fair value, and we may also add to an out of favour stock, again, because we see value. We don’t try to find the bottom to buy, and we also don’t try to find the top at which to sell or reduce. Sometimes we are lucky and a trade is executed on one of these days, but our investment philosophy is to hold assets for the long term.

We don’t think that it’s possible to time the market such that our trades are executed exactly at one of the extremes of price, because the movement of the market in the future can’t be known until after the event. Our philosophy is to buy at close to fair value and to hold onto that company for as long as it continues to meet our investment criteria, time in the market. If it fails this test, then it’s out.

Our focus in choosing our investments is not based so much on the present, but on what the company can deliver to us as investors in the future. This means that it may take some time for a company to begin to deliver a very positive impact in a portfolio, again, time in the market.

Investing requires patience and some courage to remain invested if the current market isn’t so rosy. Time in the market – we don’t try to time it.

Please note this article provides general advice only and has not taken your personal, business or financial circumstances into consideration. If you would like more tailored advice, please contact us today.

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Elderly couple watching sunset

Temporary minimum pension drawdown relief

Government support comes in all shapes and sizes and the temporary minimum pension drawdown relief was one key measure designed to support retirees at the onset of COVID-19. Superannuation pensions and annuities are subject to rules that determine the minimum and maximum amounts to be paid in a financial year. The legislation allowed superannuation accounts that are currently in drawdown/pension mode to effectively halve their annual drawdown limits and preserve superannuation balances during the COVID-19 market sell-offs.

These rules were initially legislated for the 2019/20 and 2020/21 Financial Year’s (FY):

Referencing the above table, a retiree aged between 65-74 would normally need to draw a 5% minimum amount per annum from their pension accounts. The drawdown relief legislation allows this individual to draw only 2.5%. This preserves the superannuation balance and avoids the need to sell down investments during the height of the market sell-offs.

An example would be a retiree aged 65 with an $800,000 pension balance. Under normal circumstances, 5% must be drawn per annum, which is $40,000. However, with the drawdown relief in place, only 2.5% is required to meet the annual legislated drawdown requirements, which is $20,000.

Benefits of this temporary measure to retirees

  • Preservation of superannuation balance (tax-free nest egg).
  • Avoids crystallising losses (from the volatile COVID-19 sell-offs).
  • Flexibility on where to draw income (access taxable sources before superannuation).

On Saturday 29 May 2021, the government announced that a further extension to this measure is being considered for the 2021/22 FY.

The proposed minimum pension drawdown for 2021/22 FY:

Key takeaways from the May announcement

  • This proposal is not yet law and still needs to be tabled.
  • This measure is not compulsory. Individuals need to review their situation to assess whether the pension halving/reduction will benefit their unique circumstances.
  • The measure will apply to account-based, transition to retirement and term allocated superannuation pensions.

Please keep in mind that there are no guarantees that the temporary minimum pension drawdown relief will be extended into the 2021/22 FY. This is something that we are keeping a close eye on for the benefit of our clients.

If this is something you’d like to take advantage of, please reach out to your Financial Adviser.

Please note this article provides general advice only and has not taken your personal, business or financial circumstances into consideration. If you would like more tailored advice, please contact us today.

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2020