Self managed superannuation: Drawdown relief to be extended

The drawdown relief for account-based superannuation pensions will be extended for the 2010-2011 financial year.

The drawdown relief allows account-based, allocated and market-linked pensions to have a 50 per cent reduction in the minimum drawdown amounts.

The relief, which has been in place for two years, will help self-funded retirees recoup capital losses on their pension portfolios and will also mean a reduction in the need to sell assets at a loss in order to meet the minimum payment requirement.

Minimum payments must be paid at least annually from a superannuation account-based pension. Minimum payments are determined by age and the value of the account balance as at 1 July each year.

For more information on self managed superannuation (SMSF) services, contact us

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Azure Group
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Azure Group is the leading Chartered Accounting, Business Advisory and Strategic Advisory firm supporting the growth & success of fast growing entrepreneurial businesses.

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