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Finance & Borrowing - Barry Oxley of Leanding Specialists

Life Insuarnce Advocates

Australian Securities & Investment Commission (ASIC) - Register of Charges Expires
Business Names Reform Update
New Restrictions on SMSF Investment in Artworks, etc
Employer Superannuation Obligations
JANUARY 2012 NEWSLETTER
Centrelink Benefits - How Work Affects Your Payments
Family Trusts - Complexity Increases, and so will costs
Do you need to lodge an income tax return?
Centrelink Benefits - How Work Affects Your Payments
You are probably aware that if you work, your Centrelink benefit may be reduced.  It is important to remember though, that if you received paid work, you will almost always be better off financially.






Even by taking up casual or part-time work you will improve your future job prospects, gain confidence, and increase your
work-related skills.  You may still
qualify for some payment while you are working. 


 


Fortnightly Income

Centrelink Payments Reduced by

$0 - $150 (plus $24.80 for each additional child) - this is called free area

Nil

Above the free area

50 cents for each dollar above the free area


 


There are incentives to keep working, known as:-


 


"Working Credit" - (Under Age Pension age)


and


"Work Bonus" - (Over Age Pensions age)


 


There isn't space here to explain them.


 


When your earnings reduce your payments


  • If earnings reduce the Centrelink benefit to
    nil, continue to report your earnings to retain your concession card
    entitlement for up to 12 week, and

  • Family Tax Benefit (Part A) or
    Child Care Benefit, will continue to be paid at the same rate during this time



 


As a Centrelink payment is considered taxable income, you may have to pay some tax if you start
work.


 


 





21st-January-2012