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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.
Several tax offsets are available to mature-age workers, seniors and pensioners to help reduce the amount of tax payable. Eligibility conditions apply.
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, self-funded or receiving an age pension 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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