Additionally, medical expenses exceeding 7.5% of your income and contributions to retirement funds can further reduce your tax liability through deductions. Remember, these are just highlights, and consulting a tax professional is crucial to ensure you claim all eligible rebates and deductions for maximum benefit.
Tax Rebates
| wdt_ID | wdt_created_by | wdt_created_at | wdt_last_edited_by | wdt_last_edited_at | Tax Rebates | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|---|---|---|
| 1 | hAARfrBHhC | 19/02/2024 08:41 | hAARfrBHhC | 19/02/2024 08:41 | Primary | 17,235 | 16,425 | 15,714 |
| 2 | hAARfrBHhC | 19/02/2024 08:41 | hAARfrBHhC | 19/02/2024 08:41 | Secondary (65 and older) | 9,444 | 9,000 | 8,613 |
| 3 | hAARfrBHhC | 19/02/2024 08:41 | hAARfrBHhC | 19/02/2024 08:41 | Tertiary (75 and older) | 3,145 | 2,997 | 2,871 |
Note:
- Tax rebates must be deducted from ordinary taxes due as per the relevant tax table.
- The primary rebate is deductible for all individuals.
- The secondary rebate may only be applied to individuals 65 or older on the last day
of the relevant assessment year. - The tertiary rebate is deductible only for individuals who will be 75 or older on the last day of the
relevant assessment year