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Rebate income 2012

Work out your rebate income and if you're eligible for the seniors and pensioners tax offset at question T1.

Last updated 31 May 2012

We work out what we call 'rebate income' to determine whether you are eligible for either the senior Australians tax offset at T2 or pensioner tax offset at T3.

Your rebate income is the total amount of your taxable income plus the following amounts if they apply to you:

  • adjusted fringe benefits amount (total reportable fringe benefits amounts multiplied by 0.535)
  • reportable employer superannuation contributions
  • deductible personal superannuation contributions
  • your net financial investment loss (the amount by which your deductions attributable to financial investments exceeded your total financial investment income)
  • your net rental property loss (the amount by which your deductions attributable to rental property exceeded your rental property income).

To work out your rebate income, use the following worksheet.

Worksheet 1


Working out your rebate income

Your taxable income (from TAXABLE INCOME OR LOSS on page 4 of your tax return)

If your taxable income is a loss, write 0 at (a).



Your reportable employer superannuation contributions (from T item IT2 on page 8 of your tax return)



Your deductible personal superannuation contributions (from H item D12 on page 15 of the supplementary section of your tax return)



Your net financial investment loss (from X item IT5 on page 8 of your tax return)



Your net rental property loss (from Y item IT6 on page 8 of your tax return)



Your adjusted fringe benefits amount Multiply the amount from W item IT1 on page 8 of your tax return by 0.535. Round down to the nearest dollar.



Add up all the amounts from (a) to (f). This is your 'rebate income'.



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