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Mature aged worker tax offset

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Is set at a maximum of 500 for australian resident workers over the age of 55 years at 30 june. Each dollar of tax offset reduces your tax payable by each dollar, regardless of your taxable income. You may be eligible for a tax offset if your circumstances meet the criteria for the following categories seniors and pensioners tax offset low income and low and middle income tax. From , the mature age worker tax offset (mawto) was abolished. Change from the mature age worker offset will be phased out for people born on or after . The mature age worker tax offset (mawto) was an australian government earned income tax credit which intended to encourage older workers to prolong their time in the labour market. It was introduced on was available for 10 years before it was repealed on .   the mature age worker tax offset was meant to encourage mature age workers to stay in the workforce. Introduced in 200405, it was a tax offset of up to 500 for people aged 55 years and older. The previous government started to phase out the mature age worker tax offset.   mature age worker tax offset ended march 26, 2010 by christie lewis from , the mature age worker tax offset (mawto) like so many others entered phase out status. 3 the government announced the initiative in its 2004 election policy statement mature age worker tax offset released on 9 september 2004. (itaa 1997) to phase out the mature age worker tax offset (mawto) from for taxpayers born on or after those currently eligible because they were aged 55 years or older on re unaffected by the changes and remain eligible.   in another budget hit, the mature age workers tax offset for those in the workforce aged over 55 and earning less than 63,000 a year will be scrapped on july 1.

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