I am a widower and about to receive the age part pension. Please advise the limit I can earn without affecting the pension.
Answer provided by Centrelink General Manager, Hank Jongen.
The Age Pension is income tested, so you need to tell Centrelink about any income you receive. You must inform Centrelink of the gross amount of wages you earn (ie before tax is deducted) as well as the value of all financial assets you have. Assets such as investments and loans are deemed to be earning income at a certain rate regardless of the actual rate. As a single person, if your total income is under $132 per fortnight, your Age Pension payments will not be affected. Above this income free area, your pension is reduced by 40 cents for every dollar of income you have so that you can still receive a part pension if your assessed income does not exceed $1,490.75 per fortnight (or more if you also receive Rent Assistance). Please note Age Pension payments are also assets-tested. You should contact Centrelink on 13 2300 for further information about how earnings affect the Age Pension.