As I said before I am not a tax expert. Nevertheless to my best knowledge the following applies:
To begin with nobody except under certain circumstances minors and non-residents pays tax on an income bellow $18,200.00.
Now, if you are 60 or over and have an account base pension and the pension annual amount is above the specified minimum, you pay not tax as your income is considered current exempt pension income.
If you have no super, but are a senior or pensioner (65 or above) then at the end of financial year you will be entitled to a senior pensioner tax offset SAPTO.
The SAPTO means that a couple who has reached Age Pension age, can earn a ‘rebate income’ of up to $28,974 each ($57,948 combined) for the 2017/2018 year (or for the 2016/2017 year) without paying income tax, subject to certain conditions. This ‘rebate income’ is in addition to any super benefits from a taxed source.
