The Government has extended the temporary reduction in superannuation minimum drawdown rates until 30 June, 2022.
The original reduction was part of the Government’s response to the COVID-19 pandemic which was a reduction by 50% for the 2019/20 and 2020/21 income years.
“For many retirees, the significant losses in financial markets as a result of the COVID 19 crisis are still having a negative effect on the account balance of their superannuation pension,” a joint announcement by Prime Minister Scott Morrison and Treasurer Josh Frydenberg said.
“This extension builds on the additional flexibility announced in the 2021/22 Budget.”
