Month: July 2023

For people or entities that have borrowed from their related companies under complying Division 7a loan terms there has been a significant increase in the interest rate required to be charged under the terms of those loan agreements from 4.77% to 8.27%. The impact of these changes are as follows: Note that where the borrowed …

Division 7A Loans – Significant Interest Rate Increase 2023-24 Read More »

In response to COVID-19, the Federal government temporarily reduced superannuation minimum drawdown requirements for account-based pensions and similar products by 50% for 2019–20, 2020–21, 2021–22 and 2022–23 financial years. For the 2023–24 financial year, the 50% reduction in the minimum pension drawdown rate will no longer apply. This means that on 1 July 2023 when you …

Minimum Pensions to Increase for New Financial Year Read More »