Changes to Preservation age

 

Recent changes have been made by the Australian Taxation office regarding the preservation age for tax purposes. If you resign from your employment to retire and you are over the preservation age based on your date of birth, you may be eligible to make a retirement claim at the reduced tax rate.

 

Preservation Age

 

Date of Birth  Preservation Age
Before 1 July 1960

55

1 July 1960 - 30 June 1961

56
1 July 1961 - 30 June 1962

57

1 July 1962 - 30 June 1963 58

1 July 1963 - 30 June 1964 

59
After 30 June 1964 60