There was a press release from the Prime Minister's office over the weekend that with everything happening at the moment hasn't received much airplay, but which has the potential to impact your superannuation pension requirements for the forthcoming financial year.
As you'll be aware regulations require that the recipients of a superannuation pension draw at least a minimum level of income each year. The minimum depends upon the age of the recipient and is calculated as a percentage of the balance of their account at the start of the financial year.
For example, a superannuation pension recipient aged between 65 and 74 is normally required to draw a minimum of 5% of their account balance each financial year.
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