With age comes wisdom, but not necessarily wealth. That’s especially true for the folks who are on the pension, relying on Centrelink payments to make ends meet.

But with that in mind, that doesn’t mean pensioners don't have to just accept what they’re given and never dream of making a bit extra. Who wouldn’t love more money to help with the cost of living, to spend on something fun, or to buy something special?

So, if you are looking for ways to supplement your retirement income without compromising your current pension payments, then you may be interested in the government’s changes to the Work Bonus scheme, which could be just the answer you’re looking for!

If you’re considering taking on a bit of extra work, then it’s crucial you understand how the Work Bonus rules work and how it could help you increase your income without impacting your pension payments.

In December of last year, the government introduced changes to the Work Bonus, which increased it from $7,800 to $11,800. Pensioners who are eligible for the bonus also received a one-off top-up of $4,000 to their balance.

Pensioners can boost their income without sacrificing their pension through the introduction of the Work Bonus. Credit: Pexels/Andrea Piacquadio.

For Australians who receive the age pension, carer payments, and Disability Support Pension, it is important to note that these modifications are in effect until the end of 2023. Additionally, recipients should be aware that the standard work rules still apply to the payments. If you’re not familiar with the work rules, you can read more about them here.

So, how exactly does the Work Bonus work? Well, it operates in addition to the pension income test-free area of $190 per fortnight for singles and $336 per fortnight combined for couples. It means that the first $300 of eligible income that you get each fortnight is exempt, or in other words, you can earn an additional $300 on top of your pension, without impacting payments at all.

However, keep in mind, members, most types of income count in the income test performed by Centrelink, including real estate income, income from financial assets such as interest rates on savings accounts, dividends from shares and superannuation. But this is different to the definition of income for the Work Bonus. The Work Bonus only applies to income you get from:

• Employment in and outside of Australia
• Paid leave while still employed
• Director’s fees
• Self-employment that involves active participation.

This means that any additional income you get from real estate, from financial assets such as savings accounts, shares and superannuation do not qualify as eligible income for the Work Bonus, so these earnings may impact your pension.

So, if you’re looking to bolster your pension income, then it’s best to opt for work-related activities.

As an additional initiative, the Work Bonus gives eligible pensioners the potential to earn an extra $4000 in eligible income before they see a change in their pension payment.

The $4000 boost will mean eligible pensioners may have seen a boost in their fortnightly pension since December until that top-up is used up. This also applies for individuals who are already working and have used up their Work Bonus amount.

So, how can you register for the Work Bonus? The good news is that you don’t need to apply for the Work Bonus - simply declare your income and make sure to check your Work Bonus balance at any time using your Centrelink online account through myGov.

Key Takeaways

• The Work Bonus allows pensioners to earn more income from work before it affects their pension payments.
• The new changes introduced in December 2020 mean pensioners can earn up to $4000 in Work Bonus eligible income before their pension rate is affected.
• Pensioners don’t need to apply for the Work Bonus, all they need to do is declare their income.
• Pensioners can check their Work Bonus balance at any time through their Centrelink online account.

Are you still struggling to get your head around the Work Bonus? Then don’t fret! The Sydney Morning Herald gave a great example of how it all works. They explained:

‘Bob is on the pension and works as a casual tour guide, earning $400 a fortnight. He has no income other than the pension, so under the Work Bonus, the first $300 of Bob’s employment income is not assessed, and only $100 is counted under the pension income test. This amount is less than the pension income test-free area of $190 a fortnight for a single pensioner, so Bob will still receive the maximum pension rate.’

If you’re a pensioner and you’re looking to supplement your income without compromising your retirement, the Work Bonus might be something to consider. Do your research, however, and talk to a Centrelink representative to learn more about the benefits of the program.

What are your thoughts on this, folks? Better yet, have you already been taking advantage of the Work Bonus changes? Share your thoughts and experiences with us in the comments below – we’d love to hear from you!

And make sure you spread the word and share this article with your friends and family – this information may be just the answer they’ve been looking for!

 

[Lynjw]

With age comes wisdom, but not necessarily wealth. That’s especially true for the folks who are on the pension, relying on Centrelink payments to make ends meet.

But with that in mind, that doesn’t mean pensioners don't have to just accept what they’re given and never dream of making a bit extra. Who wouldn’t love more money to help with the cost of living, to spend on something fun, or to buy something special?

So, if you are looking for ways to supplement your retirement income without compromising your current pension payments, then you may be interested in the government’s changes to the Work Bonus scheme, which could be just the answer you’re looking for!

If you’re considering taking on a bit of extra work, then it’s crucial you understand how the Work Bonus rules work and how it could help you increase your income without impacting your pension payments.

In December of last year, the government introduced changes to the Work Bonus, which increased it from $7,800 to $11,800. Pensioners who are eligible for the bonus also received a one-off top-up of $4,000 to their balance.

Pensioners can boost their income without sacrificing their pension through the introduction of the Work Bonus. Credit: Pexels/Andrea Piacquadio.

For Australians who receive the age pension, carer payments, and Disability Support Pension, it is important to note that these modifications are in effect until the end of 2023. Additionally, recipients should be aware that the standard work rules still apply to the payments. If you’re not familiar with the work rules, you can read more about them here.

So, how exactly does the Work Bonus work? Well, it operates in addition to the pension income test-free area of $190 per fortnight for singles and $336 per fortnight combined for couples. It means that the first $300 of eligible income that you get each fortnight is exempt, or in other words, you can earn an additional $300 on top of your pension, without impacting payments at all.

However, keep in mind, members, most types of income count in the income test performed by Centrelink, including real estate income, income from financial assets such as interest rates on savings accounts, dividends from shares and superannuation. But this is different to the definition of income for the Work Bonus. The Work Bonus only applies to income you get from:

• Employment in and outside of Australia
• Paid leave while still employed
• Director’s fees
• Self-employment that involves active participation.

This means that any additional income you get from real estate, from financial assets such as savings accounts, shares and superannuation do not qualify as eligible income for the Work Bonus, so these earnings may impact your pension.

So, if you’re looking to bolster your pension income, then it’s best to opt for work-related activities.

As an additional initiative, the Work Bonus gives eligible pensioners the potential to earn an extra $4000 in eligible income before they see a change in their pension payment.

The $4000 boost will mean eligible pensioners may have seen a boost in their fortnightly pension since December until that top-up is used up. This also applies for individuals who are already working and have used up their Work Bonus amount.

So, how can you register for the Work Bonus? The good news is that you don’t need to apply for the Work Bonus - simply declare your income and make sure to check your Work Bonus balance at any time using your Centrelink online account through myGov.

Key Takeaways

• The Work Bonus allows pensioners to earn more income from work before it affects their pension payments.
• The new changes introduced in December 2020 mean pensioners can earn up to $4000 in Work Bonus eligible income before their pension rate is affected.
• Pensioners don’t need to apply for the Work Bonus, all they need to do is declare their income.
• Pensioners can check their Work Bonus balance at any time through their Centrelink online account.

Are you still struggling to get your head around the Work Bonus? Then don’t fret! The Sydney Morning Herald gave a great example of how it all works. They explained:

‘Bob is on the pension and works as a casual tour guide, earning $400 a fortnight. He has no income other than the pension, so under the Work Bonus, the first $300 of Bob’s employment income is not assessed, and only $100 is counted under the pension income test. This amount is less than the pension income test-free area of $190 a fortnight for a single pensioner, so Bob will still receive the maximum pension rate.’

If you’re a pensioner and you’re looking to supplement your income without compromising your retirement, the Work Bonus might be something to consider. Do your research, however, and talk to a Centrelink representative to learn more about the benefits of the program.

What are your thoughts on this, folks? Better yet, have you already been taking advantage of the Work Bonus changes? Share your thoughts and experiences with us in the comments below – we’d love to hear from you!

And make sure you spread the word and share this article with your friends and family – this information may be just the answer they’ve been looking for!

That makes it easier to understand. Thx

 

[Carla L]

I'm on disability support pension. I might consider looking for a light job that would suit me to be able to avail the one-off- top-up of $4,000. Wondering if that is given in advance in cash until used up to their balance?

 

[Gsr]

The $4000 top up is added onto your fortnightly work bonus, it is not a cash top up. It means you get to keep more of your fortnightly pension until you have used up the extra $4000, then you go back to a $300 a fortnight work bonus. Currently my husband and I receive the full aged pension each fortnight due to the top up, as soon as the extra $4000 is used up we will start to lose part of our pensions again due to my income. It is a shame we don’t get to access the $4000 top up on my husbands work bonus, but as he doesn’t work I believe it will just sit there forever, maybe we will get a nice surprise and be able to use it.

 

[benallacath]

I have looked all around Centrelink (in MyGov) I annot find Work Bonus

 

[Gsr]

If you google pension work bonus you will be able to access information that explains what it is and what pensions it applies to.

 

[benallacath]

If you google pension work bonus you will be able to access information that explains what it is and what pensions it applies to.

Thank you. Ido know what it is and what pensions it applies to. I would like to know what my work bonus is currently.

 

[Gsr]

if you are working and reporting your income fortnightly your work bonus will be shown when you submit your report. It decreases each fortnight depending on what you earn. At the moment my husband and I receive the full pension amount each fortnight and my $4000 extra work bonus is decreasing by the amount our pensions would have decreased by when the $300 work bonus applied. Once I get down to the $300 work bonus again we will start to lose part of our pension again.

 

[KamrynAndersen]

Hey hey! I stumbled upon this post and thought it was a pretty sick idea to discuss ways to supplement our retirement income without sacrificing our current pensions. I see that the government made some major changes to the Work Bonus scheme last year. If you're thinking about taking on extra work, it's crucial to understand how the Work Bonus rules work and how they can help you without affecting your pension payments. And, speaking of understanding finances, if you're not already keeping track of your income and expenses, I'd highly recommend checking out how to get paystubs. It's a great way to stay on top of your finances and make sure you're getting the most out of your money. Hope this post finds you well.

 

[benallacath]

With age comes wisdom, but not necessarily wealth. That’s especially true for the folks who are on the pension, relying on Centrelink payments to make ends meet.

But with that in mind, that doesn’t mean pensioners don't have to just accept what they’re given and never dream of making a bit extra. Who wouldn’t love more money to help with the cost of living, to spend on something fun, or to buy something special?

So, if you are looking for ways to supplement your retirement income without compromising your current pension payments, then you may be interested in the government’s changes to the Work Bonus scheme, which could be just the answer you’re looking for!

If you’re considering taking on a bit of extra work, then it’s crucial you understand how the Work Bonus rules work and how it could help you increase your income without impacting your pension payments.

In December of last year, the government introduced changes to the Work Bonus, which increased it from $7,800 to $11,800. Pensioners who are eligible for the bonus also received a one-off top-up of $4,000 to their balance.

Pensioners can boost their income without sacrificing their pension through the introduction of the Work Bonus. Credit: Pexels/Andrea Piacquadio.

For Australians who receive the age pension, carer payments, and Disability Support Pension, it is important to note that these modifications are in effect until the end of 2023. Additionally, recipients should be aware that the standard work rules still apply to the payments. If you’re not familiar with the work rules, you can read more about them here.

So, how exactly does the Work Bonus work? Well, it operates in addition to the pension income test-free area of $190 per fortnight for singles and $336 per fortnight combined for couples. It means that the first $300 of eligible income that you get each fortnight is exempt, or in other words, you can earn an additional $300 on top of your pension, without impacting payments at all.

However, keep in mind, members, most types of income count in the income test performed by Centrelink, including real estate income, income from financial assets such as interest rates on savings accounts, dividends from shares and superannuation. But this is different to the definition of income for the Work Bonus. The Work Bonus only applies to income you get from:

• Employment in and outside of Australia
• Paid leave while still employed
• Director’s fees
• Self-employment that involves active participation.

This means that any additional income you get from real estate, from financial assets such as savings accounts, shares and superannuation do not qualify as eligible income for the Work Bonus, so these earnings may impact your pension.

So, if you’re looking to bolster your pension income, then it’s best to opt for work-related activities.

As an additional initiative, the Work Bonus gives eligible pensioners the potential to earn an extra $4000 in eligible income before they see a change in their pension payment.

The $4000 boost will mean eligible pensioners may have seen a boost in their fortnightly pension since December until that top-up is used up. This also applies for individuals who are already working and have used up their Work Bonus amount.

So, how can you register for the Work Bonus? The good news is that you don’t need to apply for the Work Bonus - simply declare your income and make sure to check your Work Bonus balance at any time using your Centrelink online account through myGov.

Key Takeaways

• The Work Bonus allows pensioners to earn more income from work before it affects their pension payments.
• The new changes introduced in December 2020 mean pensioners can earn up to $4000 in Work Bonus eligible income before their pension rate is affected.
• Pensioners don’t need to apply for the Work Bonus, all they need to do is declare their income.
• Pensioners can check their Work Bonus balance at any time through their Centrelink online account.

Are you still struggling to get your head around the Work Bonus? Then don’t fret! The Sydney Morning Herald gave a great example of how it all works. They explained:

‘Bob is on the pension and works as a casual tour guide, earning $400 a fortnight. He has no income other than the pension, so under the Work Bonus, the first $300 of Bob’s employment income is not assessed, and only $100 is counted under the pension income test. This amount is less than the pension income test-free area of $190 a fortnight for a single pensioner, so Bob will still receive the maximum pension rate.’

If you’re a pensioner and you’re looking to supplement your income without compromising your retirement, the Work Bonus might be something to consider. Do your research, however, and talk to a Centrelink representative to learn more about the benefits of the program.

What are your thoughts on this, folks? Better yet, have you already been taking advantage of the Work Bonus changes? Share your thoughts and experiences with us in the comments below – we’d love to hear from you!

And make sure you spread the word and share this article with your friends and family – this information may be just the answer they’ve been looking for!

I know how work bonus Works. I would like to report Self Employment income , Centrelink does NOT give me the option. It seems to only have employee/employee questions.