Additional income for pensioners in the 2022–23 income year

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.

Change the law in adjusting the timeline of the reapplication process

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 us by sending a form here or you may speak to one of our advisors via call at 1300 844 678 or drop us an email at [email protected].. We will let you know when this becomes law.

This article was also published in Wolters Kluwer last September 20th, 2022.