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Coronavirus and SuperannuationFollowing 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.

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AAG AustAsia

AAG is a family-owned group providing Tax planning, management accounting, wealth management, and more. Established in 1979, AAG acts entirely in their clients' best interest by providing financial expertise and upholds a reputation of nurturing long-lasting relationships with clients to assist them with all their personal and business financial issues.