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Rexsmith

do retired Aussies pay tax on pensions?

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Rexsmith

A guy told me  that retired Aussies living on pensions in Australia pay no tax on this income. He said regardless of how large the pension is. I find this hard to believe. Anyone from Australia who can tell me if this is true? Thanks

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Ozepete

There is no tax on pensions in Oz.  Au$826.00 for singles and 1245.00 for couples per fortnight tax free, plus rent allowance, phone , power, travel, etc etc  concessions and basically free medical.  It's a great life if ya don't work!!!

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baby43

I am on a aged pension here in Australia, drive a school bus, my accountant told me, i can earn up to $39,000.00 without paying tax, sure my bus company take tax out when i get paid  but i get all the tax back when i do a tax return every year.

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to_dave007

For Canadians the pensions ARE taxed, along with other income, but the first CAD$20,000 (approximately AUD$21,500) of all income is tax free.

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lamoe
Posted (edited)
22 minutes ago, to_dave007 said:

For Canadians the pensions ARE taxed, along with other income, but the first CAD$20,000 (approximately AUD$21,500) of all income is tax free.

Same in US - added to total income on a pro-rated basis

If no other income - then 50% is considered taxable but standard deductions usually mean no federal taxes to be paid

Illinois (state)  different deduction / rate  basis

Edited by lamoe

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cookie47

Same answer as Ozepete.

Not much more to add....

Sent from my MI MAX using Tapatalk

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sierra01

UK doesn't pay enough pension to pay tax 😥 

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