If you are in pension phase with an SMSF there are two things you need to be doing now;

First is to add up all your pension payments this year to ensure you have paid no less than the minimum amount required. Failure to pay the minimum will result in your SMSF becoming non-complying and potentially losing the tax free status it enjoys. Pension minimums must be paid by the 30th June. We will have sent you as part of your annual package the amounts you need to pay.

Second is to adjust your pension payments for July 2023 onwards. The Covid-19 concession which halved the minimum pension for the last few years ends 30th June. Your estimated pension minimums from 1 July will therefore be double the current minimums. Make sure you update your regular draws and then update them again when your June 2023 account balances have been finalised.

Lindsay 0413 952 180