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.”
BlackRock boss Larry Fink praised Australia’s superannuation system in his annual chairman’s letter.
The prudential regulator has announced it will publish new expenditure data of superannuation funds, providing details on expenses like advice, director remuneration, and payments to unions.
Affirming the UK’s growing attractiveness as an investment destination, a number of Australia’s largest investors recently joined the UK Foreign Secretary for an exclusive briefing in Canberra to discuss further opportunities for trade and growth.
The specialist superannuation law advisory practice is set to wind up, with managing partner Jonathan Steffanoni planning to bring a new offering to market.
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