Tuesday, January 11, 2011

Pension Bonus Scheme

This week we assisted a client achieving more than $40,000 from the Pension Bonus Scheme.

NOTE: Whilst the Pension Bonus Scheme has been cancelled, those who were registered before the scheme ceased, can still apply. Also those who failed to register before that date, but are eligible can still apply.

He had worked the required 5 years and believed he was eligible. He had sold his company 6 months prior claiming the age pension.

Centrelink had treated this as him not working for this 6 month period, and therefore not eligible for the bonus. However we submitted that in fact one of the conditions of the sale of the company was that he was providing consulting services to the new owner, under the contracted succession plan.

His bonus was then paid.

The Pension Bonus Scheme was a work test, not income test.

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