The non-refundable Mature Age Workers Tax Offset (MAWTO) was introduced to encourage taxpayers to remain in the workforce. To qualify, you must be a resident for tax purposes, be aged 55 or more at the end of the income year and have received net income from working.
The rates for 2008-09 have not changed from previous years. The maximum offset is still $500 for workers earning between $10,000 and $53,000 (if you earned under $10,000, the offset will be 5% of your income). The maximum rebate starts to decrease at $53,000 and cuts out altogether at $63,000.
If you are eligible, you will receive the benefit of the offset when you lodge your 2008-09 income tax return. You do not need to calculate the mature age worker tax offset. The Tax Office will apply the calculation for you based on information you provide in your tax return.
For more information on the Mature Age Worker Tax Offset, including more detailed information on ‘net income from working’, see the Tax Office MAWTO Overview.
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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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