Will I lose my part Age Pension?

Peter is earning income on a casual basis and would like to know how this will affect his eligibility for a part Age Pension.

Q. Peter

I am receiving a part Age Pension and I do a bit of casual work. I understand I have to report earnings to Centrelink but I would like to know under what circumstances I would lose my Age Pension, either due to earning too much or too much over too short a time. I am 65 years old,

A. I’m unsure if you are on the single or couple rate of Age Pension so you can check the current part Age Pension cut off limits here. Please note, these limits may change on 20 March 2014 when payments are periodically reviewed.

You should also bear in mind that any income you receive will have the Work Bonus applied, which means that the first $250 of income you earn each fortnight will be excluded from assessment. 

As your income is assessed on a fortnightly basis, you will only be penalised for what you earn in that reporting period. However, what you do with the income, i.e. invest or purchase an asset, may affect your Age Pension.

Written by Debbie McTaggart



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