Centrelink $4,000 boost Aussies can get now: ‘Keep more of your payment'
Aussies claiming the Age Pension can get a 'one-off boost' of $4,000 through the Work Bonus scheme. The Work Bonus allows older Aussies to earn more income from working without it reducing their Centrelink payments, with Aussies able to start work 'straight away' if they want.
Services Australia has issued a reminder about the scheme and how it could help you 'keep more of your payment'. You would be eligible if you're over the age of 67 and collecting the Age Pension, Disability Support Pension or Carer Payment.
'The Work Bonus automatically exempts $300 per fortnight you earn from work. Every fortnight you aren't working or have been paid less than $300 from work, you are contributing to your Work Bonus balance,' Services Australia community services officer Justin Bott explained.
'This balance can grow until it reaches a maximum of $11,800.'
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If you are claiming an eligible pension for the first time, you will automatically start with a Work Bonus balance of $4,000.
'That means you could start work straight away if you wanted, and earn over $4,000 in your pocket before you see any change to your pension rate,' Bott said.
'If you earn more than $300 from work in a single fortnight, any extra income is offset against your Work Bonus Balance. Your pension payment doesn't change until your work bonus balance is reduced to $0.'
The Work Bonus isn't money that you can draw on to use for other things. Instead, you use it to keep more of your pension if you are working.
Bott gave the example of someone with a Work Bonus balance of $7,900 who returned to work after six months off.
He was paid $750 in eligible income in his first fortnight.
Services Australia would deduct the $300 fortnightly Work Bonus and then reduce the remaining $450 of income using his Work Bonus balance.
This would reduce his Work Bonus balance to $7,450 and his pension payment would not be impacted.
Assuming he continued working and being paid $750 a fortnight, it would take around 16 fortnights before his pension was affected by his wages.
You don't need to apply for the Work Bonus. You just have to let Centrelink know of any income you receive from work.
The Work Bonus is on top of the pension income test free area.
Single pensioners can currently earn up to $212 a fortnight of income from any source and still be eligible for the full pension, couples can receive up to $372 a fortnight.
The Work Bonus, which only applies to income from paid employment, adds an extra $300 per fortnight.
That means singles can earn a combined income of $512 a fortnight and couples $672 a fortnight without it affecting their pension.
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