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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.
I am receiving the Age Pension in full as I am currently unemployed.
This amount varies by a few dollars every fortnight because I am receiving a NZ part payment for my now deceased child.I am paying $400.00 per week rental out of my payment of $1040.37 per fortnight.
I agreed to this rent because I was desperate to leave Broome, WA because of the increasing decline in safety and accute rise of social violence.
I now live in Porepunkah, Victoria.
I am struggling to pay the rent and still have a life here. I am looking for work but have so far been unsuccessful.
Am I legally entitled for any further entitlements ?
How much per week can I earn without loosing too much pension per week please. I have had various responses to this question over the past couple of weeks. I was informed that $280.00 per week was acceptable without a decrease of my pension.
Could you please confirm this.
During this last tax year I have been unemployed since end February 2022 when I left Broome ,does that mean I will get all the tax I have paid over the earning time back?
I am a single female aged 69 years. I live on my own.
Thank you for your time and I look forward to hearing from you in the very near future.
Kindest regards,
Christine Vanderriet
Hi Christine. The work bonus allows you to earn up to $300 a fortnight, or $7,800 a year, before your Age Pension is impacted. You can in fact In fortnights where you earn less than $300 e.g. $200, you receive a “credit” to your work bonus balance – in this case $100. Your credit balance can then be used in fortnights where you earn more than $300. So you could in this situation earn $200 one fortnight and then $400 the following without impacting your Age Pension. We have an article on how this works here. I can’t answer your question on your tax refund I’m afraid.
Regards
Can you borrow a lump sum and still get fortnightly payments under the aged pension Home Loan Scheme.
Centrelink have not answered my two queries on this matter.
Hi John. I have included an excerpt from the Services Australia website on this. Essentially the lump sum provision which allows for a portion of the payments to be brought forward is still subject to legislation so the final detail will be known then. You can also get more information from their website here
From 1 July 2022, subject to passage of legislation, participants in the Scheme will be able to bring forward a portion of their fortnightly loan payments as a lump sum advance. These lump sum advances will be capped at 50 per cent of the annual rate of Age Pension, and any advance taken will reduce the fortnightly loan amount a person can receive over the following 12 months.
Also from 1 July 2022, subject to passage of legislation, a No Negative Equity Guarantee will be introduced to the Scheme, ensuring no participant will need to repay more than the equity they hold in the property they used to secure their loan.
Brian Moody,
Hi folks,
I am on the full government pension, and I have cashed out my personal supper fund, due to early retierment (illness), Zero dollars left,
My question is if I can start a self-managed super fund, and It grows favorable for me,
How much can I earn in the fund before it has an impact on my age pension payments,
please.
Kind Regards
B.M.
Hi Brian. There could be a number of factors to consider here. Your super balance is assessed u der the assets test and deemed income is included in the income test. Here are some articles on the assets test and the income test. You might also be interested in talking to one of our advisers about this.