Several recent queries have suggested we update our knowledge base on the Work Bonus Scheme (WBS). The WBS provides a facility whereby the first $6,500 of age pensioners 'wages' is exempt from the income test. The WBS can apply to both you and your partner thereby providing a total of $13,000 of exemptions. In a previous blog entry we discussed how a couple on the full pension was ‘earning’ more than $20,000 on top of the full pension. Each were employed on $6,500 pa and had a $250,000 bank account earning a deemed income less than the 'other' income threshold. This is because the WBS is in addition to the the income test threshold allowance of just over $7,000. So a total of more than $20,000 can be exempted from all classes of income test. Now it should be noted the WBS only applies to only certain classes of employment - refer below. What happens if the age pensioner does not earn a consistent wage - i.e. not a steady amount over the year - yet sti
I have received notification of an increase to my BBC pension . IT HAS BEEN INCREASED TO 1444.08 POUNDS STERLING. I can copy the info for you if required.
ReplyDeleteBill Mackie