The tax-free threshold for your assessable income is $18,200.
The meaning of “assessable income” is “income that can be taxed” and they are total of :
- salary and wages
- interest from bank accounts
- dividends and other income from investments
- bonuses and overtime an employee receives
- allowance(s) paid by your employer
- commission a salesperson receives
- Centerlink payments and pensions
- Rent
- Overseas income & investment income
The meaning of “taxable income” is the income you have to pay tax on. It is the term used for the amount left after you have deducted all the expenses you are allowed to claim from your assessable income.
Taxable income = Assessable income – allowable deductions
A simple tax calculator is available to help you calculate the tax on your taxable income. The Comprehensive tax calculator also takes into account Medicare levy, higher education loan scheme repayments, tax offsets and tax credits to give you an estimate of the amount of your tax refund or debt.
Seniors and pensioners tax offset (SAPTO)
If you fit this category and are entitled to the senior and pensioners’ tax offset, you are able to earn each year as a pensioner before having to pay tax. The thresholds and conditions are listed below:
Rebate income thresholds for SAPTO
Rates and rebate income thresholds for SAPTO
| Status | Maximum tax offset amount | Shading-out threshold | Cut-out threshold |
|---|---|---|---|
| Single | $2,230 | $32,279 | $50,119 |
| Each partner of a couple | $1,602 | $28,974 | $41,790 |
| Each partner of an illness separated couple | $2,040 | $31,279 | $47,599 |
| DISCLAIMER |
| Kasker Associates website is to provide information of general interest to their clients. The content of this website does not constitute specific advice. Readers are encouraged to consult their tax adviser for advice on specific matters. |