Minimum pension drawdown reminder

SMSF Trustees ensure you make your minimum payment from your pension account by 30 June.

A self-managed super fund (SMSF) must pay a minimum amount each year to a member who is receiving a pension that commenced on or after 20 September 2007. These are mainly account-based pensions (also known as a super income stream).

If you haven't already, then you'll need to make sure all members receiving an account-based pension are paid their minimum pension amount by 30 June.

This is calculated by applying the relevant percentage factor based on the member's age by the member's pension account balance calculated as of 1 July 2024 or on a pro-rata basis if the pension commenced partway through the 2024–25 financial year.

If the minimum payment is not made by 30 June, this could result in adverse taxation consequences for the member.

Need help calculating your member's minimum pension payment? Contact Flor-Hanly in Mackay on 07 4963 4800.