Mature Age Workers Offset

 By Jason Fittler

The Mature Age Workers Offset applies to you if:

  1. You were you born before 01/07/1957
  2. Have a net income from working
  3. You are an Australian resident

If this is the case then you will be entitled to the Mature Age Workers Offset. This offset will provide you with an offset against your tax of up to $500. It works as follows: 

  • Up to $9,999 you will receive $0.05 for every dollar earned.
  • Between $10,000 and $52,999 you will receive $500.
  • Above $53,000 you will receive $500 less $0.05 for every dollar earned above $53,000.
  • You will receive no rebate if you earn over $63,000.

Net income from working includes:

  1. Personal services income (Salary)
  2. Assessable income from carrying on a business
  3. Net amount from farm accounts
  4. Reportable employer super contributions
  5. Reportable fringe benefits
  6. Less any deductions related to personal services or business income.

Seniors and Pensioners Tax Offset

As of the 01/07/2012 if you:

  • Have reached age /service pension age and
  • Meet certain eligibility requirements for a government pension or similar or
  • Receiving certain taxable government payments
Then you will be eligible for the Seniors and Pensioners tax offset which is $2,230 for singles and $1,602 each for couples.  This offset is reduced if your income is above the below limits:
  • For singles, if your income is above $32,279 the rebate will be reduced by $0.125 for every dollar above the $32,279 and will cut out once your income is above $50,119.
  • For couples, if your income is above $28,974 each the rebate will be reduced by $0.125 for every dollar above the $28,974 each and will cut out once your income is above $41,790 each.

 If you have any questions please contact us on 07 4771 4577.