You may have already changed your superannuation pension draw down amount for the 2019/20 financial year since the government halved the minimum amount you are required to draw down from your nest egg in April.

This is a friendly reminder that the lesser minimum amount is also available for the 2020/21 financial year – so you may also need to direct your fund to change the amount for the new financial year …. if that’s what you would like to do.

Also worth noting is that your 2020/21 minimum pension will be calculated based on your battered and bruised pension balance as at 30 June 2020, so this may further reduce the amount you must draw and allow you to keep more aside for future bequests to the kids, their lawyers (and accountants) and the Lost Dogs’ Home.

Confused? Please don’t hesitate to call us!

The Halletts Team

Bird's nest with two blue eggs

Good news – the government has extended the $150K instant asset write-off until 31 December 2020!

Remembering that the asset must be acquired and installed ready for use by 31 December 2020, for businesses with turnover less than $50m.

Don’t forget that we have just a few weeks remaining to undertake tax planning for you and/or your business for the 2020 financial year, to ensure you’re in the best position you can be and with all your ducks lined up and ready to go!

Row of ducks

It’s important to note that, for the purposes of claiming a tax deduction, super payments are only considered paid by the ATO when received by the super fund, not when they left your bank account or went to the Superannuation Clearing House.

This means that any payments you want to claim for in the 2019 – 2020 year need to be accepted by your super clearing house by 23 June 2020, before da house turns into da pumpkin!

If you’re making personal contributions, check with your fund for its specific due date and leave yourself plenty of time so you don’t miss out on the deduction.

Note: this doesn’t change when an employer’s next quarterly Super Guarantee payment is due, which is 28 July, but if you pay it earlier you can potentially bring forward the deduction. Please speak to us if you’re not sure!

Halloween pumpkin with glowing face