FirstTech
FY25 Pocket Guide
Age Pension calculator

  • Low income tax offset (LITO)
    2024–25 Low income tax offset (LITO)

    Taxable income (TI)

    Maximum offset

    $0 – $37,500

    $700

    $37,501 – $45,000

    $700 - [(TI - $37,500) x 0.05)]

    $45,001 – $66,666

    $325 - [(TI - $45,000) x 0.015)]

    $66,667+

    Nil

    The low income tax offset is only available to Australian residents.

  • Seniors and pensioners tax offset (SAPTO)
    2024–25
    Family situation Maximum tax offset Income shade‑out threshold Income cut‑out threshold

    Single

    $2,230

    $34,919

    $52,759

    Couple (each)

    $1,602

    $30,994

    $43,810

    Couple separated because of illness (each)

    $2,040

    $33,732

    $50,052

    The maximum amount of SAPTO is not subject to indexation. It is reduced by 12.5 cents for each $1 of income exceeding the income shade-out threshold.

    Income for SAPTO is ’rebate income' which is the sum of the individual’s taxable income, reportable superannuation contributions, total net investment loss and adjusted fringe benefits total.

    Partnered senior Australians can transfer any unused portion of their tax offset to their partner.

    Medicare levy does not apply for taxable.

    Eligibility criteria for SAPTO

    • The individual is either:

      • Age Pension age or Service Pension age or older (for at least one day of income year) and eligible to receive Age Pension or DVA pension, allowance or benefit (even if none paid because of income or assets test), or

      • assessable income of the individual includes an amount of Social Security pension, Education Entry Payment, Service Pension, Carer Service Pension, or Income Support Supplement, and

    • not in prison on at least one day during the income year.

    • an individual’s rebate income must be below the income cut-out threshold.

    • for a whole-of-year couple, offset eligibility of each partner is determined by their combined rebate income level (i.e. less than $87,620 or less than $100,104 if illness-separated), whereas offset entitlement is calculated on the basis of individual rebate income.

  • Private health insurance tax rebate

    From 1 July 2024 a person’s eligibility for the rebate will be determined based on the following income tiers:

    Base tier Tier 1 Tier 2 Tier 3

    Singles

    $97,000 or less

    $97,001 – $113,000

    $113,001 – $151,000

    $151,001 or more

    Families

    $194,000 or less

    $194,001 – $226,000

    $226,001 – $302,000

    $302,001 or more

    Rebate1 from 1 April 2024

    Aged under 65

    24.608%

    16.405%

    8.202%

    0%

    Aged 65 to 69

    28.710%

    20.507%

    12.303%

    0%

    Aged 70 or over

    32.812%

    24.608%

    16.405%

    0%

    1

    Rebate percentages are adjusted annually on 1 April each year.

    Income is income for Medicare levy surcharge purposes.

  • Spouse contributions tax offset
    2024–25
    Receiving
    spouse’s relevant income (RI)    		 Maximum
    rebatable contributions (MRC)    		 Maximum
    offset is 18% of the lesser of:

    $0 – $37,000

    $3,000

    MRC or total spouse contributions

    $37,001 – $40,000

    $3,000 – (RI – $37,000)

    MRC or total spouse contributions

    $40,000 +

    Nil

    Nil
    Additional eligibility criteria

    • tax offset of 18% on up to $3,000 in spouse contributions

    • maximum offset available to contributor is $540

    • Relevant Income (RI) is assessable income (disregarding any FHSS released amounts) + reportable fringe benefits total + reportable employer super contributions

    • spouse receiving the contribution has not exceeded their non-concessional contributions cap for the financial year in which the spouse contribution is made

    • spouse receiving the contribution must have a total superannuation balance of less than $1.9 million on 30 June prior to the financial year of the spouse contribution

    • spouse receiving the contribution must be under age 75 (including 28 days after the end of the month the spouse turns 75).

  • Spouse contributions are classified as non-concessional contributions.

  • Superannuation pension and annuity tax offset
    2024–25 Tax offset available for taxable component
    Age and income stream type Taxed element Untaxed element

    Beneficiary under age 60

    All income streams except disability or death

    Nil offset

    Nil offset

    Disability income stream

    15%

    Nil offset

    Death benefit income stream

    • where deceased died age 60 or over

    N/A1

    10%2

    • where deceased died under age 60

    15%

    Nil offset

    Beneficiary is age 60 or above

    All income streams

    N/A1

    10%2

    1

    Income payments are non-assessable non-exempt income, so offset is not applicable (N/A).

    2

    The 10% tax offset is effectively limited to a maximum of $11,875, for capped defined benefit income streams. See FirstTech Capped Defined Benefit Income Streams Guide for more information on capped defined benefit income streams.

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