Changes to the Work Bonus
25 June 2024
Veterans and partners who receive the Service Pension, Income Support Supplement or Age Pension and are entitled to the Work Bonus will be able to earn more income from employment before it affects their pension entitlements.
Under the Work Bonus income test concession, the first $300 of a person’s fortnightly Work Bonus income is excluded from the income test. Where the fortnightly Work Bonus income is less than $300 per fortnight, an eligible person will accrue the unused portion of the $300 per fortnight income concession to a Work Bonus Bank, up to a maximum balance of $11,800, to offset their income in the future.
Beginning 1 July 2024, former Work Bonus clients with a preserved Work Bonus Bank balance who are re-joining the scheme, may be eligible to receive a top-up to ensure their balance is equal to $4,000 upon recommencement.
These changes will allow pensioners the opportunity to gain income without affecting their pension, which will improve the financial independence and wellbeing of veterans and their families.
More information about the Work Bonus is available in the video below or on the DVA website.
What they are not telling us is that they are now fully taxing our pensions. Until last year our pensions were fully untaxed once we turned 60. That’s gone now and they have got their hands deeper into our pockets. Also, I am a DFRDB pensioner. When we retired after 20 years, [ I did 29}, we were entitled to a resettlement loan which had to be repaid by age 72 our supposed life expectancy, by deductions from our pensions. That didn’t happen and we are required to pay back until we die. I am 86 and still paying. The public servants had a big win there.
I agree with all you have said, I am in the same boat.