$60m payout to seniors: [1 Edition]
Stapleton, John. The Australian [Canberra, A.C.T] 09 Apr 2002: 3.
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Abstract
The measure means seniors who earn $20,000 a year or less and couples who earn $16,306 each pay no tax. Over these income levels the offset reduces by one dollar for every eight dollars earned and cuts out at a much higher level than previously, $37,840 for singles and $29,122 each for a couple. To be eligible men must be at least 60 years old and women 56.5.
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ALMOST 60,000 seniors who failed to properly fill in their tax returns can expect a cheque for up to $2000 from the Tax Office within the next six weeks.
The seniors have not claimed an estimated $60 million in benefits promised as a pre-election sweetener by the Howard Government. Payments for those who have missed out on the Senior Australians Tax Offset, which lifted the tax-free threshold, will range from $20 to $2000.
The measure means seniors who earn $20,000 a year or less and couples who earn $16,306 each pay no tax. Over these income levels the offset reduces by one dollar for every eight dollars earned and cuts out at a much higher level than previously, $37,840 for singles and $29,122 each for a couple. To be eligible men must be at least 60 years old and women 56.5.
Tax Commissioner Michael Carmody said yesterday about 170,000 people have claimed for the last financial year.
A recent Tax Office review identified 57,000 seniors who had not claimed the offset and a further 2000 who did not receive it due to a processing error.
“Our priority is to ensure senior Australians get their payments plus any interest as quickly and easily as possible,” Mr Carmody said.