SISFA welcomes continuation of drawdown relief
The Small Independent Superannuation Funds Association (SISFA) says it is pleased with the Government's recent decision to continue drawdown relief for self-funded retirees.
Commenting on the decision, Michael Lorimer, Chair of SISFA, said that the continuation of drawdown relief for self-funded retirees was a welcome decision for trustees who were seeing their self-managed super fund (SMSF) balances suffer due to equity market volatility.
"All retirees are limiting their expenditure to hold capital in their portfolio for as long as possible until markets improve," he said. "While SISFA has previously said it would have preferred the Government to permanently retain the original 50 per cent reduction, the continuation of the 25 per cent discount is nevertheless welcome news," Lorimer said.
"The Government is recognising the reality of the world situation for SMSF trustees and is doing their part to help."
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