Read more The government has recently announced that people earning under $30,000 a year will now be able to use their retirement savings to make the required tax preparation.
The government said that for the first time, this would apply to people aged over 60 and over 65.
“The government recognises that there is a growing demand for tax preparation services for the older population, with increasing demand for advice and assistance in this context,” the Department for Business, Innovation and Skills said in a statement.
“In addition, there are also many older people who do not have the financial ability to complete tax preparation forms on their own.”
The government said it was introducing the scheme “to ensure that older people have the skills to make informed tax decisions when they reach retirement”.
“It is vital that older Australians have the ability to assess their tax liabilities, to ensure they can make a tax return and that they can prepare their own tax returns,” the government said.
“This will help ensure that the tax system is fair to everyone in retirement.”
The scheme will be available to people between the ages of 55 and 65.
It will apply to all people who have a total net income of at least $60,000, regardless of age, from any of the following sources:The UK’s Pension Protection scheme, which allows pensioners to transfer up to $25,000 from their pension to the government pension, will also be affected.