Work Bonus changes – two significant changes for Age Pension recipients

 

Two significant changes have been made to the Work Bonus scheme.  These changes apply from 1 January 2024.  The first change is that an initial credit of $4,000 will be granted to the “work bonus bank” of each new age pension recipient. Having an initial credit in the work bonus bank will enable new age pension recipients to immediately benefit from the work bonus scheme rather than having to accrue excess amounts from each instalment period.

 

The second is that the maximum balance of the “work bonus bank” has been increased to $11,800 (previously the maximum balance was $7,800) with any unused bank balance at the end of a financial year can (subject to the maximum cap) being carried forward to the next financial year.

 

For more information on the work bonus changes, visit the Supercentral website or contact our office at 9721 1055.

 

 

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