Pensions Centrelink – Earn more before aged pension is affected – Work bonus increase from 1 Jul 2019

Pensions Centrelink – Earn more before aged pension is affected – Work bonus increase from 1 Jul 2019

Centrelink – Earn more before aged pension is affected – Work bonus increase from 1 Jul 2019

The Government has announced a Work Bonus increase from 1 July 2019 – which means you can earn more before your aged pension is affected – great news!

The Work Bonus is increasing. Centrelink will also apply it to self-employment income from active participation.

From 1 July 2019, the Work Bonus will increase to $300 per fortnight (up from $250 fortnight). And the most you can accrue will change to $7,800. This means you’ll be able to earn more from work before your pension reduces.

We’ll also apply the Work Bonus to self-employment income from active participation.

If you’re an eligible pensioner with self-employment income, note –

Centrelink will send you a letter. You may need to tell them about your income.

You can tell them using your Centrelink online account through myGov. Select Work Bonus update – self-employment income from the Tasks section. Make sure you do this before 1 July 2019 so they can apply the Work Bonus as soon as possible.

If you don’t get a letter, there’s nothing you need to do.

Next steps to take –

Sign in to myGov to check if you have a letter in your Inbox.

If you need to tell us about your income, complete the task as soon as possible.

Learn more about the Work Bonus.

Read more news for older Australians.

Get your FREE 5 Easy Steps to Plan Retirement One-Page planner from the Resources

What are your thoughts? Start or continue the conversation below!

Got questions? If you want experts who have years of helping others, without the hype – then call for a FREE strategy session today

No obligation call 0407 361 596, Paul

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