Tax Time

[TrevorW]

Need some advice, I am retired now, living on a pension and super. I took a lump sum from my super which was taxed, this was below the tax threshold and any other income I receive such as interest on savings etc is still is below the threshold, I am not working so am I still required to do a tax return - :help::thanx:

[Buck]

Hello Trevor,
You should be able to go to the MyGov site (assuming you have registered), and then to the ATO site. From there you can follow the different options re Tax, income etc and answer some questions to see if you still need to lodge a tax return.

Paul

[TrevorW]

Had a look Paul, I couldn't find anything to answer my question, thanks anyhow :)

[Startrek]

Trevor,
I’m also retired and not working however not on a pension ( self funded)
My advice especially in retirement is to engage a certified account to look after your financial matters with respect to superannuation and other financial requirements ( whether on a pension or self funded ) in your senior years.
The accountants cost is tax deductible and could save you money and headaches down the track if the tax man comes knocking at your door.
Yes the ATO has a lot of info but it’s only generalised and sometimes confusing.
I’ve had the same chartered accountant for over 30 years and he’s been fantastic ( he’s also a mate )
All my 5 kids (32 yrs to 40 yrs old ) do their own tax on line but they won’t listen to the old man
It could be the best $500 to $800 you ever spent
All the best
Cheers
Martin

[doppler]

Trevor,

I think that if you get the full age pension you don't have to pay tax, and therefore don't need to put in a tax return.This website might help?

https://nationalseniors.com.au/news/finance/your-last-tax-return-or-is-it

Rick

[TrevorW]

Thanks guys :)

[OzEclipse]

You don't need to be a pensioner.

If you don't need to pay tax, all you need to do is fill out a non-lodgement advice form. I have done it some years in my semi retirement when my taxable income didn't exceed the tax free threshold. To avoid penalties, ensure that your taxable income from all sources doesn't exceed the the threshold. They have a questionnaire to determine if you're eligible for non-lodgement.

This is the form you need to lodge.
https://www.ato.gov.au/forms-and-instructions/non-lodgment-advice-2023

If unsure, get professional advice.