The amount of income a senior Australian eligible for the Senior Australian Tax Offset (SATO) can earn before they incur a tax liability will increase to the following:
2008-09:
Singles $28,867 Couples (each) $24,680
2009-10:
Singles $29,867 Couples (each) $25,680
2010-2011:
Singles $30,685 Couples (each) $26,680
The Medicare Levy low-income threshold will also be increased to ensure that seniors will not pay the Medicare levy until they begin to pay income tax.
Article by Christie Lewis
Christie is Practice Manager at Alan Lewis Accountants . Besides accounting, her passion is for all things small business (and blogging, of course). You can contact Christie directly at christie@lewistaxation.com.au.
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