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my wife is 62 years i am 68 years and we are self funded retire. how

Customer Question
my wife is 62 years...
my wife is 62 years i am 68 years and we are self funded retire.
how much interest outside our allocatted pension can we each earn without paying any tax.

no good to give me some web side to look it up. that i can do it on my own.

need some number on the above info.
regards XXXXX XXXXX
Submitted: 6 years ago.Category: Tax
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3/21/2011
Tax Professional: Lev, Tax Advisor replied 6 years ago
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 30,162
Experience: Taxes, Immigration, Labor Relations
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LEV :

Hi and welcome to Just Answer!

LEV :

If you file a joint tax return and use a standard deduction - you may have taxable income up to $19,800 in 2010 - and still will not owe any income taxes. Your taxable income might include taxable pensions, taxable part of your social security benefits, interest earned in the back, etc.

LEV :

If you know your taxable pensions or any other taxable income - I will estimate your possible tax liability. Please let me know if you need any help or references.

Customer:

thanks Lev,

LEV :

Please let me know if you need any help.

Customer:

we are have diffrent tax filement

Customer:

thanks Lev,

Customer:

lev,

Customer:

send this earlier too fast.

Customer:

not so sure how this chat works.diffrent filements. self funded pensioner.what abot S A T O

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Tax Professional: Lev, Tax Advisor replied 6 years ago
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Customer reply replied 6 years ago
Lev,
we file different tax returns.
our allocated pensions are tax free.
how much can i earn as i qualify for this senior australian tax offset.
my wife is not i believe because of here age.how much she can earn outside her tax free pension.

rehards gunther
Tax Professional: Lev, Tax Advisor replied 6 years ago

If you're aged 55 to 59, a tax offset may be available on the taxable portion of your income payments. Because you're over 60 pension payments (and lump sum withdrawals) are tax-free.

For other taxable income - the current resident's tax-free threshold is $6,000

 

See here - http://www.ato.gov.au/individuals/content.asp?doc=/content/12333.htm&mnu=42590&mfp=001

The Senior Australians and pensioner tax offset calculator will help you determine your eligibility and calculate the amount of senior Australians tax offset and pensioner tax offset you can claim. - http://calculators.ato.gov.au/scripts/axos/axos.asp?CONTEXT=&KBS=sato2010.xr4&go=ok

You may also use this tax calculator, - http://calculators.ato.gov.au/scripts/axos/axos.asp?CONTEXT=&KBS=ctax2010.xr4&go=ok

 

Lev
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