Assistance measures available for your superannuation:
- Early Access to Superannuation:
- The Government is now allowing temporary early access to superannuation, with tax free payments of up to $10,000 per financial year in 2019-20 and 2020-21. Eligible individuals must apply before 1 July 2020. More information available here.
- Minimum Superannuation Drawdown:
- A temporary reduction in superannuation minimum drawdown requirements, for account-based pensions and similar products, by 50% has been introduced for 2019-20 and 2020-21. More information available here.
- Age Pension Deeming Rate Reduction:
- Changes to the age pension social security deeming rates have been announced effective form 1 May 2020. More information available here.
- Self Managed Superannuation Funds and Rental:
- The ATO will not take action where an SMSF gives a tenant (related party) a temporary rent reduction during the 2019/20 and 2020/21 financial years. More information available here.