Senior and pensioner offset properties

Not available in Accountants Office

Code: This is a one character code to indicate the type of Australian Government or Department of Veteran Affairs pension received.

Description: Describes the marital status of the pensioner.

Offset: This is the maximum offset available.

Threshold: This refers to the threshold for taxable income above which the pensioner offset will be reduced and eventually shaded out.

Reduction: This is the percentage by which the offset is reduced for every dollar of taxable income in excess of the relevant income threshold for this pension rebate category.

Transfer Required: This is to indicate that any unused portion of the offset should be transferred to the spouse.

If the Transfer Required field is ticked the unused portion from the spouse will be used when calculating the taxpayer's pension offset.

For the unused portion to be calculated, the spouse's taxable income must be entered at the relevant spouse details item and the relevant code selected in the return.

Combined Taxable Income - Threshold: If the combined taxable income goes above this amount there is no entitlement to the offset.