Mature Age Workers 2007-08
The Mature Age Workers Tax Offset was introduced to encourage taxpayers to remain in the workforce. Like all offsets, the Mature Age Workers Tax Offset (MAWTO) reduces the amount of income tax payable on your taxable income.
MAWTO can only reduce your tax liability to zero and so any unused portion is not refundable or transferable.
To qualify for the mature age workers offset, you must be a resident for tax purposes, be aged 55 or more at the end of the income year and have received net income from working.
For the 2007-08 income tax year, the rates are the same as last year. The maximum offset remains at $500. This amount reduces at $53,001 and erodes entirely at $63,000.
| Net Income from Working | Tax Offset |
| 0 – 9,999 | 5% |
| 10,000-53,000 | $500 |
| 53,001-62,999 | $500 – 5% of the excess over $53,000 |
| 63,000+ | Nil |
More information
For more information on the Mature Age Worker Tax Offset, inlcuding more detailed information on ‘net income from working’, see the Tax Office MAWTO Overview.
This information is for guidance only and is not intended as specific advice to any reader. Professional advice should be obtained before acting on any information contained herein. The publisher accepts no responsibility for loss occasioned to any person or organisation as a result of action or the refrain of action as a consequence of the contents of this publication.