If you are still working, you may be eligible for a Mature Age Workers Offset for the tax year in which you turn 55 and any future years that you are working. The maximum available offset is $500. You will be entitled to the maximum if your net income from working is between $10,000 and $53,000 but may still get a reduced amount if your income from working does not exceed $63,000. If your only income is from investments then you will not be entitled to this offset.
The available offsets will be reduced for those in these upper income ranges using a three tier system.