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SENIOR AGE TAX OFFSET AND LOW INCOME REBATE
30 June 2024
Certain low income age pensioners and
self funded retirees are
entitled to a special additional tax offsets.
The Senior Age Tax Offset is $2,230 (single) and $3,204 (couple)
plus the low income rebate is $700 per person.
This means that no tax is payable for a single person whose
income is < $34,919 (Max $52,759) and a couple whose income is <
$30,994 each
x 2 = $61,988. Max couple $87,620.
The senior age offset $700 minus 5% (Income less $37,500) until $45,000 then 1.5%
x $325 minus 1.5% (Income -$45,000) until max $66,660.
Senior Age Tax Offset Eligibility:
Condition 1 - Male > 66.5 years old or >
60 years old if
veteran or war widower; Female > 64.5 years old or >
59 years old if veteran or war
widower.
Condition 2 - Income Single < $52,759; Couple < $61,988 each;
Living apart < $50,052 each.
Condition 3 - Eligible for Australian Government pensions or other
criteria.
Rebate income is the sum of the following amounts:
Taxable income
Adjusted fringe benefits
Net investment losses
Reportable super contributions
AGE PENSION ELIGIBILITY
http://www.humanservices.gov.au/customer/services/centrelink/age-pension
We have clients from the following locations:
Brisbane, Albion, New Farm, Teneriffe, Newstead, Windsor,
Wilston, Bowen Hills, Wooloowin, Herston, Lutwyche, Hamilton, Eagle
Farm, Gordon Park, Fortitude Valley, Clayfield, Ascot, Hendra.
Morayfield, Burpengary, Caboolture, Bellmere, Wamuran, Narangba,
North Lakes, Mango Hill, Kallangur, Dakabin, Deception Bay, Bribie
Island, Elimbah, Kippa-Ring.
We do tax returns for individuals, trusts, companies, partnerships, contractors, ABNs and
sole traders.
Disclaimer
The information provided in the above documents is not intended to
be, nor should it be construed as tax advice. Any specific
recommendation for a client can only be done after their individual
circumstances have been determined by David Douglas Accountants.
Liability limited by a scheme approved
under Professional Standards legislation