COVID-19: Pension and superannuation changes
About the author:
- Author name:
- By Terri Bradford
- Job title:
- Director, Wealth Management
- Date posted:
- 23 March 2020, 10:00 AM
The Federal Government has announced that minimum pension payments for account-based pensions will be reduced by 50% for the 2019/20 and 2020/21 financial years.
Additionally, the deeming rates will be reduced by a further 25%. This is in addition to the recent cut in the deeming rates. As of 1 May 2020 the new rates will be 0.25% and 2.25%.
Superannuation will also be accessible for those Australians suffering financial hardship as a result of COVID-19.
Up to $10,000 (tax fee) can be accessed before 1 July 2020 with a further $10,000 limit available for the three months after 1 July 2020. This is intended to help casuals and sole traders.
Payments can be applied for via MyGov.
More analysis on the effects of COVID-19
Disclaimer: The information contained in this report is provided to you by Morgans Financial Limited as general advice only, and is made without consideration of an individual's relevant personal circumstances. Morgans Financial Limited ABN 49 010 669 726, its related bodies corporate, directors and officers, employees, authorised representatives and agents ("Morgans") do not accept any liability for any loss or damage arising from or in connection with any action taken or not taken on the basis of information contained in this report, or for any errors or omissions contained within. It is recommended that any persons who wish to act upon this report consult with their Morgans investment adviser before doing so.
Print this page