where we tried to retire for four years but couldn’t because we missed Australia, which is why we have come back. We are both just over 75. Before we left, we sold everything, including our home, but we have provided for that on our return. Can we reopen our super account with high-interest savings or are there other ways of benefiting from the government’s tax-friendly retirement regulations? Ric.
The SAPTO tax offset also benefits those on the government age pension. While an age pensioner couple can earn $360 per fortnight from investments and still be eligible for the full age pension of $1682.80 a fortnight for a combined $53,112,80, SAPTO makes this income effectively tax-free. Examples of gainful employment given by the Department of Social Security include operating a business as a plumber, being a farmer or working as a wedding celebrant or an artist.
However, you would both qualify for SAPTO, which would mean no tax payable on your combined incomes and no requirement to lodge a tax return.
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