How does the Work Bonus operate for couples? The Work Bonus applies to individual pensioners. It cannot be shared by a pensioner couple. Who is eligible for the Work Bonus? What income is eligible for the Work Bonus? This includes but is not limited to salary, wages, leave payments, commissions, employment-related fringe benefits, bonus payments, supported wages and casual loadings.
Gainful work income earned through self-employment is eligible for the Work Bonus so long as the work involves personal exertion on the part of the person concerned. Examples include operating a business as a plumber, farmer, wedding celebrant or artist. Work managing or administering financial investments or investment properties owned by the person or their family and work involving domestic, household, gardening or similar tasks at the person's place of residence is not eligible for the Work Bonus.
For more information For more information about the Work Bonus, contact Services Australia on 13 or visit their website. This article details the rules of the Age Pension income test, which is one half of the means test used by Centrelink to determine how much Age Pension you could be eligible for. You must also pass the Age Pension assets test , have reached your eligibility age and satisfy Australian residency rules. Statistics indicate that the Age Pension income test is passed by fewer Australians than the asset test.
The other one-third of part-pensioners have too much assessable wealth assets. Centrelink assesses your gross income that is, your before-tax income from all sources to determine your eligibility for the Age Pension. These sources include income from overseas, not just Australia. If you have a partner, their income will also be included in your income test assessment.
Note: You also need to pass the assets test and age and residency requirements. If your income is above the thresholds in the above table, you may still be eligible for a part Age Pension.
The table below shows the maximum income you can earn to still be eligible to receive any part pension payment. The amount of Age Pension you are eligible for reduces by 50 cents for each dollar earned until it cuts off completely when your income exceeds the figures below. To illustrate how the Age Pension rate decreases based on the value of assets, below are some examples of the current Age Pension payments that Australians should be eligible for at a range of different asset levels, provided they also meet the other eligibility requirements age , passing the income test and Australian residency.
Note: The examples include the Pension supplement and Energy supplement. The Age Pension income limits are adjusted three times a year based on movements in the consumer price index CPI. You can access the latest Age Pension rates here. Try our Age Pension calculator to get an indication of your potential Age Pension entitlements.
Centrelink will apply the work bonus to your income test. Learn more about how the work bonus works. Some Age Pensioners in Australia are on transitional pensions. Transitional pensions rates are paid to people who would otherwise be getting a lower payment after changes to the income test were introduced in If any of the income you or your partner has received is from overseas sources, the amounts will be converted to an equivalent Australian dollar value using current exchange rates.
This includes both increases and decreases to your income. The Work Bonus applies to anyone who is receiving the Age Pension and works for an employer on a part time, casual or seasonal basis. It also applies to those who are self employed if they meet the active employment participation requirements.
As soon as you apply for the Age Pension the work bonus is automatically added to your account. For couples, the incentive doubles if both are working.
The even better news is that Work Bonus operates in addition to the pension income test free area. So, depending on your other assets and income you could earn even more before your Age Pension entitlements are impacted.
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