by clicking the arrows at the side of the page, or by using the toolbar.
by clicking anywhere on the page.
by dragging the page around when zoomed in.
by clicking anywhere on the page when zoomed in.
web sites or send emails by clicking on hyperlinks.
Email this page to a friend
Search this issue
Index - jump to page or section
Archive - view past issues
Active Retirees : Active Retirees Aug-Sept 2012
Active RetireesTM | 41 WORK BONUS WHAT IS IT? The Work Bonus is an incentive for those receiving a pension to participate in the workforce. HOW DOES IT WORK? The first $250 earned every fortnight is not counted towards your income assessment. If the Work Bonus is not used because you do not work or you earn less than $250 in a fortnight, the amount is accumulated in the Employment Income Concession Bank for you to use next time. Your 'piggy bank' has a $6500 limit and carries forward between years, offsetting any other employment. EARN MORE THAN $250 A FORTNIGHT? Your initial fortnightly deduction of $250 will be used. Any other amount that you have accumulated in your 'piggy bank' will then be used to reduce your assessable income to $0. If you do not have enough in your bank to reduce your fortnightly income to $0, the normal income assessment test will be applied to the balance. WHO IS ELIGIBLE? Any pensioner, over Age Pension age is eligible for the Work Bonus. HOW TO APPLY You don't need to apply for the Work Bonus, it will automatically be applied to you. However, you do need to inform Centrelink of any changes to your earnings. OTHER BENEFITS Asset Hardship Provisions may be available if you have significant assets but cannot use them in times of extreme financial hardship. Pension Loans Scheme allows people of age pension age who receive a part-pension or cannot receive a pension at all due to income or assets, to access capital tied up in property assets. Carer Payments provide income support if you are unable to support yourself due to the demands of a carer role. Commonwealth Seniors Health Card provides access to Australian Government concessions if you're not eligible for the Age Pension. Concessions include the Pharmaceutical Benefits Scheme, bulk-billed GP appointments and the Medicare Safety Net. This is accompanied by a senior's supplement, a non-taxable payment to assist with regular household bills. Rent Assistance may be available to those paying rent and receiving a payment or sharing the care of a child. ! Government benefits such as the Age Pension can supplement superannuation savings, and even those with super may be eligible. regular income. This allows you to gradually reduce your working hours to move into retirement. Once you decide to retire and use your superannuation to provide an income, you can choose to withdraw the amount as a lump sum or you can take your super as a pension -- a regular income payment. AustralianSuper recommends most people choose a pension to access superannuation. "Superannuation can often be structured in a manner that can maximise your entitlement to Centrelink, even after retirement," says AustralianSuper’s head of Advice Frank Ceravolo. This will depend on your overall assets. No matter which way you choose to take your super, it’s important to save. “Having a proper budget in place can generally help to extend your pool of savings,” Pauline Vamos explains. "And applying for even a part-Age Pension if you’re eligible will reduce the drain on your super." Your superannuation regular payments, together with the Government Age Pension can make a signifcant difference to your weekly income in retirement, securing your fnancial future. ••
Active Retirees June-July 2012
Active Retirees Oct-Nov 2012