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tranzant(Newbie)Newbie
15 Oct 2024

Hi,

I am over 67 and working part time earning about $20K per annum and drawing the aged pension ($20K). My partner is also getting the aged pension but does not work. Neither of us have any other income sources. I believe we qualify for SAPTO


In the 23-24 financial year tax lodgment, I was hit with a tax bill of about $4K which caught me by surprise as I believe the aged pension was not taxable and I am under the SAPTO limits.


Would appreciate any advice. Thanks.

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866 views
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AnitaATO(Community Support)Community Support
17 Oct 2024

Hey @tranzant,


It does catch quite a few by surprise. The aged pension is taxable so this would be why you've been slugged with a tax bill.


You may like to chat with Services Australia to have them deduct tax from your pension to avoid this happening in the future.

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Most helpful reply

AnitaATO(Community Support)Community Support
17 Oct 2024

Hey @tranzant,


It does catch quite a few by surprise. The aged pension is taxable so this would be why you've been slugged with a tax bill.


You may like to chat with Services Australia to have them deduct tax from your pension to avoid this happening in the future.

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Retiree with part time work and the aged pension - calculation of tax | ATO Community