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James Coyle
James has over 35 years experience in financial services with particular expertise in two of the key components of retirement finance - Superannuation and the Age Pension. He is passionate about providing the guidance and support that can help older Australians enjoy their best possible retirement. He lives in regional Victoria surrounded by dogs and chooks.
Excewllent clear concise explanation of the work bonus…thank you…
why is it such a chore..with CL..if you earn any $? it seems like they try to disincentive you..that its a crime to earn extra..put you through ropes etc mod f forms..l cant stand it..gave up doing counselling..really helping people cos of it..
It’s not clear to me. So I can earn another $300 a fortnight, yet it not affect my pension… how? So , I just don’t submit the earnings! ?
Hi Kerrin, you do need to declare your full earnings each fortnight but Centrelink will deduct the $300 work bonus off those earnings when calculating how much pension to pay you so you are only assessed on the remaining amount. CLICK HERE to view Centrelink’s own explanation which includes a couple of example scenarios also that may help make it clear for you.
The reporting requirements seem extensive for a new aged pensioner who plans to earn income, up to the Work Bonus limit, through his existing sole trader business.
Is it easier to close the sole trader business when applying for the aged pension and then earn the Work Bonus repair/service income without an ABN?
He would then only need to report the income as he earns it without submitting business expenses etc.
Hi Mary, thank you for reaching out for help planning your retirement income. For you and anyone else who would like to have a discussion with someone they can trust about the options available we do offer financial advice consultations.
Our financial advice consultations are designed to help you better understand your needs and goals along with the options you can consider to help you achieve those goals. The consultation is online, goes for up to 45 minutes and costs $150.
CLICK HERE to book now.