If the income of senior Australians falls below $32,279 for singles (or $28,974 each for couples), they are exempt from paying income tax. However, if they have income from a share portfolio, it is recommended for them to file a tax return. This allows them to claim any excess franking credits associated with their dividends and receive a refund.
Note: This information is for general guidance only and may not suit your individual circumstances. Please consult a qualified professional before taking action.
