Clients aged 55 to 59: taxing minimum pension drawdowns

Strategies

Friday 21 November 2014

There are some quirky aspects of the application of the minimum drawdown and related tax rules for account-based pensions which have caused uncertainty, particularly for clients aged from 55 to 59 inclusive. However, recent Australian Taxation Office (ATO) statements appear to remove all but a few of the remaining mysteries. This article examines some interesting tax implications that can arise for account-based pension clients under the age of 60 depending on the manner in which they make their drawdowns.

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