The Work Bonus income bank is useful for pensioners who wish to work, particularly those who undertake intermittent or occasional work. Note: from 1 December 2022 to 31 December 2023, a one-off, temporary credit of $4,000 applies to Work Bonus income bank balances.
Eligible pensioners have had $4,000 credited to their Work Bonus balance since 1 December 2022, increasing the maximum Work Bonus balance from $7,800 to $11,800. This measure extends the increase to 31 December 2023.
The payment rates for Age Pension, Carer Payment and Disability Support Pension are increasing from 20 March 2023. Age Pension, Carer Payment and Disability Support Pension will increase by $37.50 a fortnight for singles and $56.40 a fortnight for couples combined.
From 1 December 2022 to 31 December 2023, the maximum Work Bonus balance limit increases from $7,800 to $11,800. This will reset to $7,800 on 1 January 2024. You'll also get a one-off increase of $4,000 to your Work Bonus balance during this period.
A Pension Bonus can be accrued for a maximum of 5 years and cannot be accrued after the age of 75. However, work by a person after age 75 can accrue towards the bonus of a younger partner who has not accrued the maximum of 5 years. The Pension Bonus is paid when a person first claims and receives the Age Pension.
If you're a pensioner currently receiving support through Centrelink, you may be eligible for extra help with bills and medicine costs through the Pension Supplement. This supplement is a combined payment of Pharmaceutical Allowance, Utilities Allowance, GST Supplement and Telephone Allowance.
Work Bonus
The federal government will change the pension work test and increase the amount age pensioners and veterans can earn before being financially penalised. As a temporary measure introduced in September 2022, age pensioners will be able to earn an extra $4000 this financial year.
Who is eligible for the Work Bonus? All pensioners over Age Pension age are eligible for the Work Bonus. This includes: Age Pension, Carer Payment and Disability Support Pension recipients. Department of Veterans' Affairs Service Pensioners and Income Support Supplement recipients over qualifying age are also eligible.
From 1 December 2022 to 31 December 2023, the Work Bonus balance increases from $7,800 to $11,800 – reverting back to $7,800 from 1 January 2024. Plus, a $4,000 Work Bonus increase was applied to all Work Bonus Income Bank balances on 1 December 2022 (up to a maximum of $11,800).
Latest Age Pension changes (from 20 March 2023)
Single: $1,064.00 per fortnight (approximately $27,664 per year) Couple (each): $802.00 per fortnight (approximately $20,852 per year)
Families (seniors and pensioners) will be increased from $51,401 to $53,406.
Cost-of-living package in federal budget delivers $40-a-fortnight welfare boost and energy relief | Australian budget 2023 | The Guardian.
Centrelink Budget News: Federal Budget 9 May 2023
increase the base rate of working age and student payments (jobseeker etc) from 20 Sept 2023. energy relief payments for eligible Centrelink customers & card holders (no action is required; see note below)
You can get the Work Bonus if both of these apply to you. You: are Age Pension age and over. get Age Pension, Carer Payment or Disability Support Pension.
Under the Work Bonus, the first $300 of fortnightly income from work is not assessed as income under the pension income test. Any unused amount of the fortnightly $300 Work Bonus will accumulate in a Work Bonus income bank, up to a maximum amount of $7,800.
The asset value limit is the amount of assets a person can own before their pension or payment will reduce from the maximum rate under the assets test. Example: Currently the asset value limit for a single service pension homeowner is $280,000 and for a single service pension non-homeowner is $504,500.
The eligibility age for Age Pension is increasing to 67 years on 1 July 2023. If you were born on or after 1 January 1957, you must be 67 years to be eligible for Age Pension.
The Tertiary Access Payment is a payment of $3,000 or $5,000. How much you can get depends on where your family home is located. Complete the following steps to claim the Tertiary Access Payment from us.
The Government announced on 1 February 2022 that an aged care workforce bonus of up to $800 will be paid to eligible aged care staff in Government subsidised home care and residential care.
The amount you get includes a 'Pensioner Cost of Living Payment'. This is between £150 and £300. You'll get this extra amount in both winter 2022 to 2023 and winter 2023 to 2024. This is in addition to any other Cost of Living Payments you get with your benefit or tax credits.
"The Australian Government is continuing to deliver tax relief, with a one-off payment of $250 to be made to eligible pensioners, welfare recipients, veterans and eligible concession card holders, to be paid automatically in April 2022," Mr Coleman said in his review of Budget 2022-2023.
The combined couple rate of pension supplement, the combined couple rate of minimum pension supplement and the pension supplement basic amount are indexed on 20 March and 20 September of each year in line with CPI increases. Pension supplement is not benchmarked against MTAWE.