Tax win for self-funded retirees

Tax win for self-funded retirees

SELF-FUNDED retirees are among the biggest winners from the carbon tax.

Treasury modelling shows that the combination of compensation, the increase in the tax-free threshold and the seniors’ tax offset will result in self-funded retirees – people who are not solely reliant on the aged pension – receiving three times as much government assistance as the expected price increase from the carbon tax.

From today, 40,000 people aged 65 and over will no longer pay any tax as a result of the increase to the tax-free threshold. A further 190,000 will receive tax cuts of at least $303 a year, and 370,000 people will receive smaller tax cuts.

Nine out of 10 households will receive some kind of financial assistance and almost 6 million households will get assistance that covers all, or even exceeds, the expected price rises.

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