As we near the end of the financial year it is worthwhile to review the amount of pension payments that have been withdrawn from your fund this year. You need to ensure that at least the minimum amount will be taken by the 30th of June.
Failure to take the minimum amount can cause the fund to lose the tax exempt status on pension earnings which could be quite costly.
For those funds that we provide daily or quarterly processing for, we are already monitoring this for you and will let you know if additional funds need to be withdrawn.
For more information on how to calculate the minimum payment CLICK HERE.
And, as always ….. if you’d like our assistance, please let us know
