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30 June 2020

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 $445 per person.
This means that no tax is payable for a single person whose income is < $32,279 and a couple whose income is < $28,974 each x 2 = $57,948.
The senior age offset reduces by 12.5c for each $1 over these thresholds and the low income rebate reduces by 1.5c for each $1 over $37,000.

Senior Age Tax Offset Eligibility:
Condition 1 - Male > 65 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 < $50,119; Couple < $41,790 each; Living apart < $47,599 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


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.

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.

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