MATURE AGE WORKERS’ TAX OFFSET Chapter 11 Q5
Available
to Australian residents of 55y or over on June 30, who have earned income by
their own exertion.
Introduced in 2005. The thresholds are:
|
YEAR |
NET INCOME FROM WORKING (N.I.W.)
|
AMOUNT OF OFFSET |
|
2005 |
0 – 10,000 |
N.I.W./20 |
|
10,001 – 48,000 |
500 |
|
|
48,001 – 58,000 |
500 – (N.I.W. – 48,000)/20 |
|
|
2006 & 2007 |
0 – 10,000 |
N.I.W./20 |
|
10,001 – 53,000 |
500 |
|
|
53,001 – 63,000 |
500 – (N.I.W. – 53,000)/20 |
If only
the main section of the I Form has been filled in then T12 need not be filled
in. However, if the supplementary
section has been used then T12 must be filled in to ensure that the
taxpayer is given the offset.
SUPPLEMENTARY
INCOME ITEMS: 12 – 16, 19, 22 category 2
SUPPLEMENTARY
DEDUCTION ITEMS: D15
|
INCOME FROM WORKING |
AMOUNT |
NOTES |
||
|
Item 1 Salary or wages |
9877 |
|
||
|
Item 2 Allowances, earnings, tips,
director’s fees etc |
|
|
||
|
Item 8 Attributed
personal services income |
|
|
||
|
Item 9 Total RFBs |
|
|
||
|
Item 12 Partnerships
(not trusts) |
|
Net
partnership income. Non-primary production partnerships must have foreign
income excluded. |
||
|
Item 13 Personal
services income (PSI) |
|
|||
|
Item 14 Net income or
loss from business |
|
|
||
|
Item 15 Deferred non-commercial business
losses |
|
|
||
|
Item 16 Net farm mgment
deposits or wdrawals |
|
|
||
|
Item 19 Foreign employment
income |
|
Only
assessable income at 19L. Exempt foreign employment income is excluded. |
||
|
Item 22 Other income category
2 |
|
1] Special
professional income 2] Sickness
& accident policy payments 3] Employee
share discount on shares issued this year 4] Payments
to local govt. council members |
||
|
TOTAL |
9877 |
|||
|
DEDUCTIONS AGAINST
INCOME FROM WORKING |
|
|||
|
Item D1 Work related car
expenses |
|
9877/20 = 493.85 |
||
|
Item D2 Work related
travel expenses |
|
|
||
|
Item D3 Work related clothing &
laundry expenses |
|
|
||
|
Item D4 Work related self
education expenses |
|
|
||
|
Item D5 Other work
related expenses |
|
|
||
|
Item D6 Low value pool
deduction |
|
Only
that which relates to income from working (NOT rental income). |
||
|
Item D15 Other
deductions |
|
1] Sickness
& accident insurance premiums 2] Section
40-880 expenses 3] Debt
reduction if related to earning assessable working income |
||
|
TOTAL |
|
|||
|
NET INCOME FROM WORKING |
9877 |
|||
ITEM 22 category
1
Nothing
here is included for calculating MAWTO. Therefore, lump sum E, re-imbursement
of work-related expenses, assessable capital gain on disposable of an item used
for a taxable purpose, and royalties, are all excluded.