About Us/Contact Us :: How to Subscribe :: Login  

An Online Quick Reference Library for Tax Agents and Financial Planners

 


  SuperannuationWithdrawalsPensions - Transition to Retirement (TRIS or TTR)      Wednesday, 22 September 2021  
   

Pensions - Transition to Retirement (TRIS or TTR)


* Please click on maximise [+], not the titles, to display the contents of any hidden containers * 
 

NB! The Transfer Balance Cap does not apply to a Transition to Retirement Income Stream (TRIS) , unless it is in Retirement Phase

   
Overview
Maximize

   
Post 1/7/2007 - Minimum Annual Pension Payments
Minimize

NB! TEMPORARY 50% REDUCTION IN SUPERANNUATIONMINIMUM DRAWDOWN REQUIREMENTS for 2019/20 and 2020/22

 

1/7/2019-30/6/2022

1/7/2013-30/6/2019

1/7/2011-30/6/2013

1/7/2008-30/6/2011

Age

Percentage of account balance*

Under 65

2%

4%

3%

2%

65 - 74

2.5%

5%

3.75%

2.5%

75 - 79

3%

6%

4.5%

3%

80 - 84

3.5%

7%

5.25%

3.5%

85 - 89

4.5%

9%

6.75%

4.5%

90 - 94

5.5%

11%

8.25%

5.5%

95+

7%

14%

10.5%

7%

 

The amount of the minimum annual pension, calculated using the above percentages, is rounded up or down to the nearest whole $10.

In the first tax year that a reversionary pension is paid, the deceased’s minimum pension, as calculated at 1 July in that year, continues to apply.  The reversionary pensioner’s age only becomes relevant from 1 July in the second tax year (the first full tax year).

*The relevant age and account balance are the age and account balance at 1 July of the current year for existing pensions and the balance on the start date for pensions commencing during the current year.

The minimum annual payment is prorated in the first year (include the commencement date). But if the commencement day of the pension is on or after 1 June, no payment is required to be made for that financial year.

Refer to the links below for more details.
 


   
Post 1/7/2007 - Tax Rates for Pensions
Maximize

   
Post 1/7/2007 - Pension Withdrawal Rules
Maximize

   
Superannuation Income Stream – Centrelink Warning
Maximize

This page was last edited on 8 January 2021

TaxFP.com.au - An Online Quick Reference Library for Tax Agents and Financial Planners

There are over 2,500 third party links on this website that we don't control. If you find a broken link before we do, please let us know. Thanks
editor@taxfp.com.au

  Contact Us  Copyright & Disclaimer  Links  Sitemap  Terms Of Use   Privacy Statement