The Federal Government has announced that age and veterans pensioners will be able to earn an additional $4,000 in the 2022–23 income year without losing any of their pension.
The one-off income credit will effectively increase the amount pensioners can earn this income year from $7,800 to $11,800 before their pension is reduced. This credit is designed to give these persons an option to work and keep more of their money.
Coinciding with the income credit, the government has also announced it intends to change the law to extend the time when you are required to reapply for the pension because of going over the income limit.
Currently, if you go over the income limit for 12 weeks you need to reapply for your pension. The proposed legislation will move this time period to 2 years. This change will also include health care cards.
These 2 announcements were released together, but require new legislation to go through parliament before they are available.
If you wish to be kept informed of the developments, please contact our office. We will let you know when this becomes law.