Following on from the Financial Crisis Assistance article, we now concentrate on Superannuation Pension and Centrelink Recipients.
The other 5 articles in this series are:
Low-Income Earners
Home Owners and Investors
Small and Medium Businesses
Larger Businesses
Landlords & Tenants
You can also refer to our other articles by clicking on the links above for your personal situation.
The additional measures to help self-funded retirees and superannuation pensioners are as follows:
1: Reduction in Deeming Rates:
A further reduction in deeming rates was announced today. The deeming rates will reduce as follows:
| Current | From 1 May 2020 | |
| Lower deeming rate | 1.0% | 0.25% |
| Upper deeming rate | 3.0% | 2.25% |
The deeming thresholds are unchanged at $51,800 (single) and $86,200 (couple) which are generally indexed on 1 July each year. The rates will take effect from 1 May 2020, and any additional entitlement will be paid from 1 May 2020.
2: Income Stream Drawdown Rates:
As with the GFC, there will be a temporary reduction in the minimum annual amount that you’re required to withdraw from your super income stream. The reduction in the minimum drawdown rates will apply for the duration of this financial year and for the 202/21 financial ye
| Age | Minimum pension payments | |
| Current | New | |
| Less than 65 | 4% | 2% |
| 65-74 | 5% | 2.5% |
| 75-79 | 6% | 3% |
| 80-84 | 7% | 3.5% |
| 85-89 | 9% | 4.5% |
| 90-94 | 11% | 5.5% |
| 95 + | 14% | 7% |
Still have questions? We are here to help.
We are here to support you by getting access to the information and any financial assistance as soon as it comes to hand. We will help you with your finances and your financial welfare, or any other concerns however small or large. Please email us at consulting@austasiagroup.com, or via phone on 08 9227 6300.
