Mature age workers, seniors and pensioners may be eligible for tax offsets. If you are a short income earner, you may be entitled for an offset and, if your medical expenses pass the threshold limit, you may be entitled for the medical expenses tax offset too. You may also be eligible for an offset if you receive earnings from a superannuation income stream
If you are a Senior Australian, you may be entitled for the seniors and pensioners tax offset.
The seniors and pensioners tax offset (SAPTO) can decrease the amount of tax you are liable to pay. In some cases, this offset may reduce your tax liability to zero and you may not have to lodge a tax return.
To be eligible for this tax offset, you have to meet certain conditions connecting to your income and eligibility for an Australian Government pension.
If you are a senior, you must meet the age requirement for the Age pension to be eligible for the offset.
In some cases, you may also be able to move your eligible spouse’s unused SAPTO to you. We calculate their transfer amount available and include this amount when calculating your SAPTO.
If you have reached the age pension age, the seniors and pensioners tax offset lets you earn more money before you have to pay tax or the Medicare levy. There are a range of eligibility circumstances which relate to age, income, and eligibility for Australian government pensions or allowances.