Changes to minimum annual payments for super income streams

In response to COVID-19, the government temporarily reduced superannuation minimum drawdown requirements for account-based pensions and similar products by 50% for 2019–20, 2020–21, 2021–22 and 2022–23 financial years.

For the 2023–24 financial year, the 50% reduction in the minimum pension drawdown rate will no longer apply.

This means that on 1 July 2023 when you calculate the minimum annual payment on your pension balance, the 50% reduction will not apply to the calculated minimum annual payment.

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PBIS SMSF, Accounting & Taxation Outsourcing Services is a trusted outsourcing partner for Australian accountants, auditors, financial advisers, and advisory firms, known for delivering efficient, high-quality, and compliant support services. We are proud to support firms within the AFR Top 100 Accounting Firms, as well as multiple award-winning boutique and mid-sized accounting practices.

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