While income stream payments from super for those over age 60 are paid to you tax free, investment income and taxable Centrelink payments are still assessed.
This may mean you are required to submit tax return still if your income is above certain thresholds.
Depending on your age, relationship status and income however, you may be eligible for the Seniors and Pensioners tax offset (SAPTO). This could provide a handy tax offset of up to $2,230 for singles and up to $3,204 for couples.
For a single person, this SAPTO provides a tax fee threshold of $32,279 p.a.
For couples, SAPTO provides a combined tax free threshold at a joint income level of $57,948 p.a. combined or $28,974 each.
Noting, The SAPTO is not refundable. This means that in the best-case scenario the SAPTO reduces your tax payable to $0.
For more information on SAPTO visit the ATO website.
Noting: This information does not consider your personal circumstances and is general information only.
Financial Lifestyle Partners and its advisers are Authorised Representatives of Fortnum Private Wealth Ltd.
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