Retirees who draw an account-based pension from their super need to be aware that the 50% reduction in the minimum pension drawdown rate which applied for previous years will no long apply from 1 July 2023.
The ATO has recently reported there is now $16 billion in lost and unclaimed super across Australia, and is urging Australians to check their MyGov account to see if some of the money is theirs.
If you’re thinking of starting a self managed superannuation fund (an SMSF) in 2023, you need to be aware of the recent changes made by the ATO on fund registration, and the application of the Director ID regime to funds with corporate trustees.
New rules were introduced that allow eligible people to claim tax deductions for the unused portion of their super concessional contributions caps from prior years. The benefit of this is that it brings tax deductions into the current financial year that would have otherwise been in excess.
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