Join Now
Unlock unlimited access to all our content and get great discounts by purchasing a membership now
Learn more ….
Related posts:
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.
I undertand that amounts you earn above $300 per fortnight are used to reduce any accrued work bonus you already have. Is this the case even if your pension is being reduced by the assets test and your income isn’t actually affecting your pension anyway?
Hi Jim, you are correct. If you have $5,000 in work bonus accrued then get paid $2,000, your work bonus pool would be reduced down to $3,000 even if the amount of pension your receive is being calculated based on your assets and not income.
Hi, If over a period of time, one engages in enough work per fortnight to exceed the $300.00 per fortnight and also exceed the $7,800.00 per year, are they able to go off the pension for a year or so, then reapply for the pension when they decide to finish working?
Hi Maureen, you absolutely can go off the pension if you have too much in income or assets and then re-apply once you are back under. The key thing to note is that you do need to re-apply, with all forms and supporting documents etc. it’s not just a matter of letting Centrelink know you are back under the threshold and getting the pension switched back on.
Hi,
I am currently on a aged pension and receive the work bonus but I haven’t used it much. I am returning to work part time 2 days per week this will give me $544 per week. How much will this reduce my pension by. Also I was recently paid $550 in one fortnight as sick pay, when I reported this to Centrelink they said it would not affect my pension as it was back pay and calculated over 12 months.
How will these 2 items affect my work bonus and pension
Kind regards
Hi Jeff, if you or anyone else reading would like to talk about your situation in detail, we offer 30min consultations at a cost of $75. We can clarify how Centrelink will assess you specifically and help guide you on any related matters that might impact your Age Pension. If you wish to proceed please CLICK HERE to book the best suitable time available.
Hello, do you need to apply for the work bonus, or is it automatic when you are on the age pension?
Hi Janette, thanks for reaching out! The work bonus automatically accrues whilst not working and is automatically applied to any employment income you earn in future so nothing for you to do except declare the income you earn.