Tax Rebates for Seniors
What is it?
A way to reduce tax paid by working Australians of Age Pension Age.
How does it work?
It’s complicated in these ways:
It is a rebate - so you don’t pay less tax, you get a refund. This is confusing.
Just because you are of Pension Age and still working, this does not mean you pay less tax. It depends on what you are earning - higher amounts of earnings.
Just have a look at the ATO Calculator to see how complicated this is.
Keep in mind
This rebate can make sense for Pension Age Australians in specific situations. For many Australians, it can be a nice surprise.
For the organised older Australian, it can be a smart way to reduce tax, and keep working.