Minimum annual payments for super income streams
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June 11, 2024
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June 25, 2024
Don’t get caught out. 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.
If you haven’t already you must ensure 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 2023 or on a pro-rata basis if the pension commenced part way through the 2023-2024 financial year.
If the minimum payment is not made by 30 June, this can result in adverse taxation consequences for the member.
You can learn more about how to calculate your member’s minimum pension payment by visiting minimum pension standards.
If you have any questions, feel free to ask them in the comment section. We will be happy to answer all your queries.
