2007-03-19 02:04:45 · 4 answers · asked by rem1805 1 in Business & Finance ➔ Taxes ➔ Australia
my retirement age was 65.5,I just signed up for the benefit at 67 years of age,I will receive my first check next month. How will this be taxed?
2007-03-19 02:10:39 · update #1
As this is in Aus and NZ taxes......
Social security pensions (other than a disability pension) are assessable income and subject to income tax. However there there is a "beneficiary rebate" which offsets all the tax on welfare benefits and if you do have a bit of extra income there is also a "low income earners" rebate ($235) available to those with incomes less than $21,601. In effect the Low income earners rebate grossed up by the lowest taxation rate (0.15) means that it will cover an extra $1567 in income.
Hope that helps
2007-03-19 04:14:35 · answer #1 · answered by magpiez 5 · 2⤊ 0⤋
1
2016-10-07 18:57:24 · answer #2 · answered by ? 3 · 0⤊ 0⤋
It depends on how much other income you have. A percentage of social security benefits, ranging from zero to 85%, are taxed at ordinary income rates. For details, see page 27-29 of the instructions for form 1040 - .you can download this at irs.gov or pick up a copy at your local post office or public library.
2007-03-19 02:26:31 · answer #3 · answered by Judy 7 · 0⤊ 2⤋
Social security? Do you mean the aged pension or superannuation?
2007-03-22 01:45:29 · answer #4 · answered by Mike J 5 · 0⤊ 0⤋