Thanks for the reply for previous question.
My super pension phase balance as on 30/6/22 is as
Opening $ 1.625 m
Min Withdrawl $ -40k
Investment Income $ 42k
Growth due to MarketV $ 355k
Closing Value $ 1.982 m
Please advise is it ok that 5% min withdrawl will be on the Closing balance?
not on Closing balance less $355k, which is investment growth due to increase in market value of the properties.
Minimum 2023 pension amount = 1.625 M x ___% = _________
Min % is based on age at 01/07/2022, and 50% reduction applies.
Please advise is it ok that 5% min withdrawl will be on the Closing balance?
Always based on opening balance.
Not really sure what you are asking.
Minimum 2023 pension amount = 1.625 M x ___% = _________
Min % is based on age at 01/07/2022, and 50% reduction applies.
Please advise is it ok that 5% min withdrawl will be on the Closing balance?
Always based on opening balance.
Not really sure what you are asking.
Thanks for the reply.
I have to withdraw pension for 2023-24. Balance shown in my question is closing balance of 2021-22 or Opening balance of 22-23. Balance will be same $1.982.
Since withdrawal is for 2023-24, 50% reduction will not apply. Is it right?
So Opening Balance 01/07/2023 = $1.982 x 5%
Please confirm it it ok?
Agree with @Bruce4Tax
Minimum pension is always based upon balance of pension account at previous 1 July (or commencement of pension if later than previous 1 July).
You really should have a meaningful discussion with an experienced accountant.
S/he can describe and discuss the many relevant issues, and help you conclude good outcome/s.
Don't forget that any "free advice" you receive in this forum, is worth what you paid for it, ie nil (GST included).
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