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Articles
Merry Christmas 2011
Few know exactly what their true financial position is, do you?
Employee Christmas Parties and Gifts  -  Any FBT?
FBT - Christmas Parties and Taxi Fares
Charitable donations
SMSFs rise to meet new challenges
Australian Taxation Office (ATO) Compliance - Fringe Benefit Tax
Personal Income Tax Rates - One Year Flood Levy
Self-education Expenses Win Short Lived
Minimum Pensions Increase
Minimum Pensions Increase
.

The minimum pension drawdown relief for superannuation pensions for the 2011 -2012 year will be reduced by 25%.  This was a 50% reduction in the previous year. It is expected that this drawdown relief be completely phased out by the 2012 -2013 year.

Several years ago the minimum pension was reduced to avoid super funds having to realise investments at a loss after the global financial crisis.

The government has decided we must be better off now.  Hence the minimum pension from 1st July 2011 is higher, and from 1st July 2012 will be back at 2009 levels.

Of greater importance – ensure in any SMSF to draw the minimum pension every year.  The penalty for non-compliance can be massive!

 

 

 

 

 

 



3rd-October-2011