Age Pension and tax

As tax time fast approaches, YOURLifeChoices subscriber, Dianne, would like to know how the Age Pension is taxed?

Q. Dianne
Do we pay tax on our Age Pension ?

A. The Age Pension received from Centrelink is taxable however, the senior Australians tax offset may eliminate the need to pay tax on the Age Pension.

The amount of tax you are liable to pay depends on your individual financial circumstances and you should contact the Australian Taxation Office (ATO) for further information or click YOURLifeChoices simple shortcut to visit the ATO website.

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