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Blogs by Vena McGrath
Commonwealth Pension Bonus Scheme 6/20/2009 12:22:44 AM
Have you gone past the legal retirement age for Australian citizens? Are you still working full-time or part-time? Have you registered for the Pension Bonus Scheme yet? Contact Centrelink without delay if you are eligible to receive the Pension but are still working because you can register for the Commonwealth Pension Bonus Scheme but you have to fill in the paperwork. The scheme closes on 30 September this year so if you haven't registered and you are eligible to register, you will miss out!
For working 5 years after you could have taken the Pension you will receive up to $33,000 tax free as a bonus if you are single. For 1 year it is $1,500 for a single person and it increases appreciably each year. But the catch is that you have to register and be accepted - so get to it quick and don't miss out on what you are entitled to :)For the full amount you need to earn less than $50,000 gross but the bonus scheme is adjusted according to your income if it is higher than $50,000 gross.
