This recent article from The Age discusses the possibility that members won’t be able to withdraw their balances as a lump sum.  Rather they will be forced to receive it in instalments or as an income stream.

Refer http://www.theage.com.au/business/banking-and-finance/lump-sum-superannuation-payments-for-retirees-could-end-20150324-1m6nou.html

For the vast majority of our clients who are in pension phase this will be inconsequential as they are better off having their investments inside the Superannuation / Pension Fund due to the 0% tax rate that the earnings attract. Refer Section 295-390(1) Income Tax Assessment Act 1997.

If you would like to discuss further please contact us:
McNamara and Co - Chartered Accountants, located minutes from the Melbourne CBD
www.mcnamaraandcompany.com.au/contact-us
Phone +61 3 9428 1062
Email admin@mcnamaraandco.com

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