As part of the 2012-13 Budget, the Government announced that it would phase out the mature age worker tax offset from 1 July 2012 for taxpayers born on or after 1 July 1957. Access to the tax offset would be maintained for taxpayers who are aged 55 years or older in 2011-12. Treasury has released exposure draft legislation proposing to implement the measure. COMMENTS are due by 17 August 2012.
[LTN 140, 23/7]