Seniors and retirees
There are specific tax and superannuation issues you should consider if you are over 55. Those issues may vary depending on whether or not you are still working, planning to retire, about to make the transition into retirement or already retired.
Regardless of your situation, you need to know how to protect your tax file number, how to lodge your tax return and what the Medicare levy means to you. There are quit a few tax offsets available to seniors and retirees.
Super is money set aside over your lifetime to provide for your retirement, so understanding how to get the most from your super becomes even more interesting and real as you approach retirement age.
If you are planning to retire, you need to consider how super benefits are taxed. You should also think about what concessions are available if you sell your business assets to fund your retirement. Also, special rules apply if you receive payments for early retirement, redundancy or your employment was terminated.
Under the transition to retirement rules, if you have reached your preservation age, you may be able to reduce your working hours without reducing your income. You can do this by topping up your part-time income with a regular 'income stream' from your super savings.
If you have retired, you may be eligible for tax concessions or tax offsets.
If you need help completing your tax return, help may be available through our free Tax help program.
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