What happens when I turn 55?

A mature age workers offset for the tax year in which you are to turn 55 and for and future years that you are working, may be available. The maximum offset is $500 and you may be entitled to this maximum amount if your net income from working is between $10,000and $53,000net. You may still get a reduced offset if your income from working does not exceed $63,000 net. Income derived from investments only, does not allow you to claim any offset.