If you are aged 60 and not working full-time, you are able to qualify for the coveted Seniors Card, issued free by each state and territory government. The card enables holders to get a wide range of discounts on public and commercial activities.
The Federal Government benefit for self-funded retirees of pension age is the Commonwealth Seniors Health Card.
This card provides access to concessions on prescription medicine and the telephone allowance.
It is available to people with an annual adjusted taxable income of $50,000 (singles) or $80,000 (couples) with lower limits for those with dependent children or ill health.
Baby Bonuses
The baby bonus is a one-off payment of $5,185 to the parents of every newborn child.
Keep Your Toddler Healthy
There’s a one-off payment of $246 for children aged between 18 and 24 months who are fully immunised.
First Home Buyer Perks For Co-Owners
Home buyers living in NSW and Victoria receive a Home Owner Grant of up to $7,000.
Both states also provide first home buyers with generous concessions on stamp and a mortgage duty.
The NSW Government decided to extend its duty concession (on a proportional basis) to first home buyers purchasing a property with friends or relatives who have previously owned residential property.
Child-Care Tax Rebate
If your child is cared for by a paid nanny or attends a child-care centre that is registered but not approved by this scheme, you will not be able to claim the rebate.
The rebate covers 30% of out-of-pocket costs.
To be eligible families must receive the child care benefit (CCB) and meet the CCB work/training/study test and there is a maximum rebate payable of up to $4,000 a child.
Child-care tax rebate claims can be claimed through the Family Assistance Office.
Spouse Super Contribution
If your spouse earns less than $10,800 a year, then you can claim an 18% tax offset on contributions up to $3,000.
The offset reduces up to a salary of $13,800 at which point it cuts out.
Super Co-contribution - $1000, $1250, $1500 (Free)
Whether you’re a teenager with a part-time job or a 60-year-old who has already amassed a respectable retirement nest egg, the Federal Government’s co-contribution scheme could boost your super fund by as much as $1,500 a year depending on the financial year.
The scheme is open to anyone earning less than $28,000 a year and phases out at $58,000.
If you contribute $1,000 a year (after tax) into superannuation, the Government will top it up with as much as $1,500.
Be Paid Extra To Stay In The Workforce
The Federal Government now offers a range of financial incentives aimed at encouraging older people to stay in the workforce.
If you are aged 55 or more, you may qualify for the mature age worker tax offset, which can reduce your tax bill by up to $500 a year.
The Transition to Retirement rules are extremely generous for senior taxpayers who remain in the workforce.
The senior Australians offset is available for those who meet certain eligibility conditions. It allows you to earn more income before you pay tax.
The Entrepreneur's Tax Offset (Reduce Your Tax By 25 %)
A discount applies to businesses or sole traders with a turnover of $75,000 or less, with the maximum discount of 25% available on turnovers of $50,000 or less.
discount has the potential to reduce the tax paid by eligible business or sole traders by several thousand dollars a year.
Medical Safety Net
Net medical expenses tax offset, applies even if you are also claiming the private health insurance rebate.
This allows you to claim a tax offset of 20% on your net medical expenses (what you have paid in expenses minus any refunds you got from Medicare and your private health insurer) over a $1,500 threshold.
You can claim expenses relating to an illness or operation paid to legally qualified doctors, dentists, nurses or chemists and public or private hospitals.
Orthodontic expenses may be eligible if the procedure is used to fix crowded teeth or a misaligned jaw.
The key to getting the most from this offset is to keep all of your receipts – from major surgery right down to receipts for Panadol or cough syrup.
Disclaimer: This is not advice. Items herein are general comments only and do not constitute or convey advice per se. The information contained in this article is for guidance only and should not be relied upon without obtaining professional advice having regard to your specific circumstances.
“Liability limited by a scheme approved under Professional Standards Legislation”
Advice Reports 
