On 24 March 2020, the Federal Government passed legislation to assist superannuation and pension members respond to the financial impacts of the coronavirus. These changes, applying in both FY20 and FY21, allow:
- Eligible members in FirstChoice Personal Super to withdraw $10,000 from their account as tax free payments; and
- FirstChoice Pension members to temporarily reduce the minimum amount that must be drawn from their account by 50%.
To learn more about these changes and how you may be able to take advantage of them, go to here.
Colonial First State Investments Limited ABN 98 002 348 352, AFS Licence 232468 (Colonial First State) is the issuer of super, pension and investment products. This document may include general advice but does not take into account your individual objectives, financial situation or needs. You should read the relevant Product Disclosure Statement (PDS) carefully and assess whether the information is appropriate for you and consider talking to a financial adviser before making an investment decision. A PDS for Colonial First State’s products are available at colonialfirststate.com.au or by calling us on 13 13 36.