Pension Drawdown Relief for Superannuation Funds

Due to the economic downturn and reduced superannuation account balances, the Treasurer, Wayne Swan, and the Minister for Superannuation and Corporate Law, Senator Nick Sherry, announced relief from minimum account-based pension draw down requirements.

"This will occur through a 50 per cent reduction in the minimum payment amount for 2008–09,’ Minister Sherry said.

This is a temporary relief. ‘The Government will continue to closely monitor market conditions and examine options for a longer term solution to this issue following the Australia’s Future Tax system Review,’ the Treasurer said.

For further assistance in this area you can contact David Maynard or Christian Tapia on (07) 3208 3888. Our supportive team has the GENUINE expertise and experience to attend to all your superannuation needs.

By David Maynard

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