If you are making a profit (however small) you are required to declare it and pay tax on it. If you are making a loss it is in your own interest to declare it as it can be carried forward against future profits on this or any other buy to let properties you may acquire.f you are making a profit (however small) you are required to declare it and pay tax on it. If you are making a loss it is in your own interest to declare it as it can be carried forward against future profits on this or any other buy to let properties you may acquire.
Australia-Retirement. Home Country Guides Australia. The official retirement age in Australia is 65 and Australian citizens have two options for income when they retire. Superannuation is one of these options and this is paid for by contributions made while you are working.ll employees should check how this is funded by the employer as some will include this 9% in the salary package and deduct it as you are paid. The age pension is paid out at the age of 65 and in order to qualify you must have been a resident of Australia or a citizen of the country for a minimum of 10 years.
On the upside, according to the government, around 50,000 lucky Australians will receive the FULL Age Pension (rather than their current PART Age Pension entitlement) due to an increase in the assets-test free area threshold, effective from January 2017.he stricter Age Pension assets test will operate as follows: The taper rate for the assets test, which determines how much Age Pension you receive, will reduce your Age Pension entitlement by $3 a fortnight for every $1000 of assets you own over the full Age Pension threshold, taking effect from 2017.