seniors and pensioners tax offset

  • 2
  • Question
  • Updated 4 years ago
  • Answered
Hi, I have an employee who would like to claim q9- seniors and pensioners tax offset on the TFN declaration. How do i enter that to QB? Thank you.
Photo of Syl

Syl

  • 292 Points 250 badge 2x thumb

Posted 5 years ago

  • 2
Photo of Mirko

Mirko, Alum

  • 34,812 Points 20k badge 2x thumb
Hey Syl, once you have worked out what the offset per pay cycle is do the following;

  • Employee Centre > Pay Roll > Taxes > Tax Rebate: Enter figure.
The figure must be a whole number and cannot be a %.

Cheers,
Mirko
Photo of Syl

Syl

  • 292 Points 250 badge 2x thumb
Hi Mirko,
Thank you for your help. 
Just want to verify that if an employee is meant to pay $100 in tax and the offset is to be $10 therefore that employee will pay $90 in TAX. Thanks. :)
Photo of Mirko

Mirko, Alum

  • 34,812 Points 20k badge 2x thumb
Spot on. We tested it and it worked as you have just said. The Payslip, did not show the offset, but the final figure as a tax deduction.
Photo of Syl

Syl

  • 292 Points 250 badge 2x thumb
Thanks Mirko!!!!
Photo of Felicity Van

Felicity Van

  • 1,348 Points 1k badge 2x thumb
Can I ask a question regarding this - how do you know what the offset will be?
Photo of Mirko

Mirko, Alum

  • 34,812 Points 20k badge 2x thumb
Felicity, you may find your answer here: https://www.ato.gov.au/Calculators-and-tools/Beneficiary-tax-offset-and-seniors-and-pensioner-tax-of.... I would recommend speaking with your Accountant regarding this matter.
Photo of Felicity Van

Felicity Van

  • 1,348 Points 1k badge 2x thumb
Thanks! I had a feeling it was something the employee needed to let us know, not something we as the employer would do
Wow, how do we know there income from past years? And do you use the 2-TFT tax code? thanks
(Edited)
Photo of John G

John G, Information Support Analyst

  • 27,530 Points 20k badge 2x thumb
Welcome Sharron,

To claim the tax offset, you can use any Employee Tax Code - it will reduce the amount of PAYG tax being withheld.  Other questions about the tax offset you will need to discuss with your Accountant and employee.

regards,
John