M J Heywood & Co
Chartered Accountant
 

Address:
Suite 407
1 Princess St.
Kew, Vic. 3101

Phone:
613 9853 1234

Fax:
613 9853 1023

Email us

Liability limited by a scheme approved under Professional Standards Legislation

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Articles
Pension Payment Minimums for 2010/11
3 Tax Time Checklists - Company, Individual and Superannuation Fund
Overseas Investment in Australia – Confusion reigns.
Bank Fees Dropping
Personal Credit Ratings – Part 2
Henry Report - a note on the Report's recommendations
Income Tax Assessment Process Still Struggling
2010-11 Commonwealth Budget
End of Tax Payment Concessions
Australian Taxation Office (ATO)
Pension Payment Minimums for 2010/11
.

Minimum pension payment levels reverted to normal from 1 July 2010.

Pension members who have been receiving pension payments that are less than the normal minimum (due to the temporary halving of the minimum level) will be required to take the minimum in 2011 or have the fund become non-complying.

The externally managed funds will probably deal with this automatically.

All pension members are likely to receive a pension review soon, which will detail their pension payments for the new financial year and give them an opportunity to change the amount within the new 2010/11 limits.

The normal minimum pension rates that will apply to pensions after 1 July 2010 are:-

Age   % acct 
To 64 
65-74
75-79
80-84
85-89
90-94
95+ 
      2%
2.5%
3%
3.5%
4.5%
5.5%
7% 

If you operate a self-managed superannuation fund paying a pension, have you paid out the minimum in 2010?  The cost of failing can be significant.



23rd-June-2010