Tax Returns Broome And The Aged Pension – Tax Returns Guide

If you receive the Government Aged Pension, how do you know if you still need to lodge tax returns Broome?

There are a lot of Australians on the aged pension who are not too sure about their taxes and tax returns. These are the common questions pensioners have in mind:

- Should pensioners like me lodge a tax return in 2014?
- What should I declare to the Australian Taxation Office?

This article will help you learn more about the different circumstances where you may (or may not) need to lodge a tax return this financial year.

1. The aged pension is my only source of income.
If your only source of income is the aged pension, then you don’t need to lodge a tax return. You would be pleased to know that Centrelink does not withhold any tax from your pension especially if you have no other source of income.

If Centrelink does withhold tax from your pension payment, this will automatically be recorded in your PAYG (Pay-As-You-Go) summary. This also means that you need to lodge your tax returns Broome. To make sure you are on the right track, it would be good to consult with a registered tax accountant, and discuss whether or not you really should be doing tax returns this year.

2. Aside from the aged pension, I have other sources of income.
If you have other sources of income including fringe benefits, investments, interest, and employment – you may need to lodge a tax return. To find out whether or not you need to lodge a tax return this year, you first need to determine your ‘rebate income’. The ‘rebate income’ calculation can be done by having a sum of all your taxable income alongside the following amounts:

- Net rental property loss
- Net financial investment loss
- Deductible personal superannuation contributions
- Reportable employer superannuation contributions
- Adjusted fringe benefits amount

You can use ATO’s calculator to help you sort out your rebate income – or you can use the professional services of a tax accountant to make your life easier. Once you have your rebate income calculated, you need to lodge a tax returns Broome this financial year if it is more than the following amounts below:

The combined rebate income of you and your spouse’s:
- $62,558 – If you had a spouse but you had to live apart due to illness, or one of you lived in a nursing home
- $57,948 – If for the full year you lived with your spouse

Single’s rebate income:
- $32,279 – If you were separated, widowed, or single any time during the year.

If want to make sure that the preparation and lodging of your tax returns is done accurately and correctly – you might want to consider partnering with a tax accountant.

Comments are closed.