Two significant changes have been made to the Work Bonus scheme. These changes apply from 1 January 2024. The first change is that an initial credit of $4,000 will be granted to the “work bonus bank” of each new age pension recipient. The second is that the maximum balance of the “work bonus bank” has been increased to $11,800 (previously the maximum balance was $7,800).
means test
Incentivising pensioners to downsize
The Government is continuing its policy to remove financial barriers which currently inhibit age pensioners (and service pensioners) from downsizing due to the application of the means tests to the sale proceeds of a pensioner’s principal place of residence.
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