A single pensioner can earn $190 per fortnight before it affects the pension and a pensioner couple can earn up to $336 per fortnight, combined, before it affects the pension. This assumes that you are assessed under the
Do Age Pensioners Have to Pay Tax? Yes, Age Pensioners do have to pay tax, but only if they have a taxable income that exceeds $33,000 for a single person and $30,500 for a member of a couple, assuming eligibility for the Seniors and Pensioners Tax Offset.
The temporary income bank top up will increase the Age Pension Work Bonus, the amount pensioners can earn before their pension is reduced, from $7,800 to $11,800 this financial year. This change applies from December 2022.
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.
Income test
Your income earning potential is capped at $2,318.00 per fortnight for a single, or $3,544.00 per fortnight for a couple. This is the amount of income you can earn at which your Age Pension will be cut off.
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.
Can I Get the Pension if I Have Super? Having superannuation savings does not deny you from receiving Age Pension payments. Eligibility for the Age Pension is based on an Assets Test and an Income Test.
Eligible pensioners will receive a one-off $4,000 boost to Work Bonus balances from 1 December, 2022. The $4,000 bonus will lift the income cap lift from $7,800 to $11,800 for eligible pensioners.
If your only source of income is the aged pension, it is compulsory for you to lodge a tax return each year.
A pensioner can receive an amount of private income before their pension rate starts to reduce. This is the income free area which, from 20 September 2022, is $190 for single-rate pensioners and $336 for couples (combined).
Information on the Work Bonus scheme, which allows eligible pensioners and veterans to earn income from working without reducing their pension. The Work Bonus scheme applies to employment income from: working in and outside Australia.
Bank interest reviews. We check your bank account information is up to date. We do this to check we paid you the right payment and amount in the past.
For example, if you are a single homeowner you can get a full pension with an asset limit of $270,500. As a couple with a home and combined assets your limit is reached at $405,000 to receive a full pension.
Centrelink has very wide powers to thoroughly investigate deposits that have been made into your account. For example, it has the power to obtain your information from other government agencies as well as accessing information from banks, building societies and credit union accounts.
A monthly pension payment gives you a fixed amount every month over your whole life, so you don't have to worry about changes in the stock market. In contrast, a lump-sum payout can give you the flexibility of choosing where to invest or save your money, and when and how much to withdraw.
Assume, for example, you will need 65 per cent of your pre-retirement income, so if you earn $50,000 now, you might need $32,500 in retirement.
Can I access super at 65 and keep working? Yes. You can access your super when you turn 65 regardless of whether you're still working. You can also make certain types of super contributions up until you turn 75, even if you're retired and drawing a super pension.
From 1 December 2022 to 31 December 2023, your 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. Work Bonus is not money you can draw on to use for other things.
Latest Age Pension changes (from 20 March 2023)
From 20 March 2023 the maximum full Age Pension increases $37.50 per fortnight for a single person, and $28.20 per person per fortnight for a couple. Note: Annual amounts are approximate. The figures above include the pension and energy supplements.
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.