Mature Age Worker Tax Offset

Abolishing tax offsets
From 1 July 2014, the Mature Age Worker Tax Offset (MAWTO) was abolished.

The mature age worker offset will be phased out for people born on or after 1 July 1957.  This means it will continue to be available only to anyone aged 55 or over on 30 June 2012. 

 

Refer to the link below for more details.

Eligibility

 

To be eligible for the mature age worker tax offset you must:

 

> be an Australian resident for tax purposes

 

> be aged 55 years or more at the end of the income year, and

 

> have received net income from working within the limits below.

 

Note:

 

Eligibility to the Mature Age Worker Tax Offset is not reduced if you also earn other income which is not ‘income from working.’

 

Refer to the links below to see what is included in ‘income from working.’

 

 

2005/2006 & Future Years

 

If your net income from working is ...	Your tax offset is ...
Less than $10,000	Calculated at 5 cents per dollar from $0 to $9,999
Between $10,000 and $53,000	$500
More than $53,000 but less than $63,000	Reduced by 5 cents per dollar over $53,000
$63,000 and above	Nil

 

 

2004/2005

 

If your net income from working is ...	Your tax offset is ...
Less than $10,000	Calculated at 5 cents per dollar from $0 to $9,999
Between $10,000 and $48,000	$500
More than $48,000 but less than $58,000	Reduced by 5 cents per dollar over $48,000
$58,000 and above	Nil