On May 29th, the Federal Treasurer announced an extension to the temporary reduction in Account-Based Pension minimum drawdown rates. This was initially implemented due to the COVID-19 downturn in 2020 and will continue to be very beneficial.
The extension will ensure account holders are able retain significantly more of their retirement nest-egg in their tax free investment portfolio, as opposed to having to withdraw a higher annual payment.
As always, please speak to your adviser or accountant should you have any queries.
