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Pension Bonus Scheme Payment
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WARNING! THIS PAGE HAS NOT BEEN UPDATED
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As we no longer have the resources to keep it up to date, this website ceased to be a subscription website from March 2022
(last annual subscription accepted in December 2020)
You should not rely on it for the most up to date information. Having said that, we do update some of it from time to time.
You may still find some of it useful.
You may wish to use the atotaxrates.info website instead, which may be more up to date.
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* Please click on maximise [+], not the titles, to display the contents of any hidden containers *
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Links to expert information on this topic
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Overview
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The Pension Bonus Scheme is a voluntary scheme that rewards people who defer claiming Age or Service Pension.
The scheme was closed to new entrants from 20 September 2009. Existing members may continue to accrue entitlements.
To benefit you needed to register before 1 July 2014 as a member then continue to meet a flexible work test for at least 12 months before claiming the Pension Bonus.
A new scheme known as the Work Bonus Scheme was introduced from 20 September 2009 which excludes 50% of the first $500 per fortnight of employment income from the pension income test. Refer to the link below for more details.
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Would I be better off claiming the Age Pension sooner?
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The Pension Bonus Scheme may not suit everyone who is thinking about working past retirement age. Some people may be better off financially if they claim the Age Pension or a Veterans’ Affairs Service Pension while they work.
This can depend on:
> your current level of income and assets
> the amount of income you need in retirement
> taxation issues
> superannuation, and
> health and lifestyle issues.
Receipt of the age pension entitles them to a Pensioner Concession Card (PCC). If they elect to delay receiving the pension they may still be eligible for the Commonwealth Seniors Health Card (CSHC).
Centrelink offers confidential, free, independent and expert information through the Financial Information Service. Financial Information Service Officers can help you plan if and when to claim your bonus.
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Eligibility
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If you have registered as a member of the Scheme before 20 September 2009
you could be eligible for a pension bonus if you:
> or your partner continue to work past the date you meet age and residence requirements for Age Pension, and
> or your partner meet a flexible work test with a minimum of 960 hours for at least one year after your registration.
NB! If you have a partner, only one person needs to pass the work test if that person is a member of the Pension Bonus Scheme. If you are relying on your partner’s work to meet the work test, you both have to be members of the Pension Bonus Scheme. However, if you both work, you cannot combine your hours to meet the work test.
The bonus is paid as a non-taxable lump sum once you claim and get the Age Pension.
The bonus you get is a multiple of 9.4 per cent of your basic Age Pension for each 'accruing' bonus period.
Payment rates below are a guide only. Contact your nearest Centrelink Customer Service Centre for a personal assessment.
What does the amount of PBS I get depend on?
The amount of bonus you get depends on:
> the length of time you have been an accruing member of the PBS, and
> whether you are single or have a partner during the time you are deferring your Age Pension, and
> the amount of basic Age Pension you are entitled to when you claim it after you leave the workforce.
If you are not entitled to any basic Age Pension when you retire, you cannot be paid a bonus. If you are entitled to 75 per cent of the basic rate of Age Pension when you retire, your bonus will be 75 per cent of the amounts in the table.
Basic Conditions of Eligibility
> Must register before a bonus can be accrued. Earliest registration is the date age and residency requirements for Age Pension are met.
> Must defer pension for a minimum of 12 months from date of registration. Maximum bonus accrual period is five years.
> Cannot accrue bonus after age 75.
> Must complete at least 960 hours of paid work each year.
> Not paid if received income support (except Carer Payment) since meeting age and residency requirements for Age Pension.
> Can be affected by ‘gifting rules’ if more than $10,000 is given away in a single year or more than $30,000 over a five year period.
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Changes from 1 January 2008
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From 1 January 2008, changes to the scheme included:
> allowing the surviving partner of a deceased scheme member to receive the bonus their deceased partner had accrued, but had not claimed, before their death
> allowing scheme members who take recreation leave, long service leave or unpaid leave to continue in the scheme as non-accruing members for up to 26 weeks, without failing the work test
> allowing a ‘top up’ to bonuses where the rate of pension a person receives increases in the 13 weeks after it was granted, because the person’s assessed income and/or assets decrease in that time, and
> giving Centrelink and the Department of Veterans’ Affairs more discretion, in special circumstances, to extend the period in which people must claim their bonus after failing the scheme’s work-test.
Refer to the link below for more details
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Maximum Payable - 20 September 2021 to 19 March 2022
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Maximum payable – 20 September 2021 to 19 March 2022
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Maximum amount of bonus payable if you are entitled to 100% of the basic rate of age pension when you retire
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Bonus years
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Single
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Partnered (each)
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1 year
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$2,216.50
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$1,675.10
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2 years
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$8,865.90
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$6,700.50
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3 years
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$19,948.20
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$15,076.10
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4 years
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$35,463.40
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$26,801.90
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5 years
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$55,411.60
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$41,877.90
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Maximum Payable - 20 March 2021 to 19 September 2021
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Maximum payable – 20 March 2021 to 19 September 2021
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Maximum amount of bonus payable if you are entitled to 100% of the basic rate of age pension when you retire
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Bonus years
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Single
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Partnered (each)
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1 year
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$2,181.80
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$1,648.70
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2 years
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$8,727.00
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$6,594.90
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3 years
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$19,635.80
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$14,838.50
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4 years
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$34,908.10
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$26,379.60
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5 years
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$54,544.00
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$41,218.10
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Maximum Payable - 20 March 2020 to 19 March 2021
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Maximum payable – 20 March 2020 to 19 March 2021
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Maximum amount of bonus payable if you are entitled to 100% of the basic rate of age pension when you retire
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Bonus years
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Single
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Partnered (each)
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1 year
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$2,162.50
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$1,634.10
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2 years
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$8,649.80
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$6,536.20
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3 years
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$19,462.10
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$14,706.50
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4 years
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$34,599.20
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$26,144.90
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5 years
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$54,061.30
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$40,851.50
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Maximum Payable - 20 September 2019 to 19 March 2020
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Maximum payable – 20 September 2019 to 19 March 2020
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Maximum amount of bonus payable if you are entitled to 100% of the basic rate of age pension when you retire
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Bonus years
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Single
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Partnered (each)
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1 year
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$2,136.80
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$1,614.80
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2 years
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$8,547.20
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$6,459.00
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3 years
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$19,231.10
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$14,532.80
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4 years
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$34,188.60
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$25,836.00
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5 years
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$53,419.70
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$40,368.80
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Maximum Payable - 20 September 2005 to 19 September 2019
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Maximum payable – 20 March 2019 to 19 September 2019
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Maximum amount of bonus payable if you are entitled to 100% of the basic rate of age pension when you retire
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Bonus years
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Single
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Partnered (each)
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1 year
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$2,119.90
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$1,602.00
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2 years
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$8,479.70
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$6,408.20
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3 years
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$19,079.30
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$14,418.40
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4 years
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$33,918.80
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$25,632.70
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5 years
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$52,998.10
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$40,051.70
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Maximum payable – 20 September 2018 to 19 March 2019
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Maximum amount of bonus payable if you are entitled to 100% of the basic rate of age pension when you retire
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Bonus years
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Single
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Partnered (each)
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1 year
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$2,097.00
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$1,584.70
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2 years
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$8,387.80
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$6,338.80
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3 years
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$18,872.60
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$14,262.20
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4 years
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$33,551.20
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$25,355.00
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5 years
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$52,423.80
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$39,617.20
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Maximum payable – 20 March 2018 to 19 September 2018
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Maximum amount of bonus payable if you are entitled to 100% of the basic rate of age pension when you retire
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Bonus years
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Single
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Partnered (each)
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1 year
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$2,076.40
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$1,569.00
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2 years
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$8,305.70
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$6,276.20
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3 years
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$18,687.70
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$14,121.40
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4 years
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$33,222.80
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$25,104.80
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5 years
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$51,910.60
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$39,220.20
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Maximum payable – 20 September 2017 to 19 March 2018
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Maximum amount of bonus payable if you are entitled to 100% of the basic rate of age pension when you retire
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Bonus years
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Single
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Partnered (each)
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1 year
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$2,045.90
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$1,546.10
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2 years
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$8,183.50
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$6,184.30
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3 years
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$18,412.90
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$13,914.70
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4 years
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$32,734.00
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$24,737.20
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5 years
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$51,146.80
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$38,651.90
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Maximum payable – 20 March 2017 to 19 September 2017
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Maximum amount of bonus payable if you are entitled to 100% of the basic rate of age pension when you retire
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Bonus years
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Single
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Partnered (each)
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1 year
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$2,031.70
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$1,535.30
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2 years
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$8,126.80
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$6,141.30
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3 years
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$18,285.30
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$13,817.90
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4 years
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$32,507.20
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$24,565.10
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5 years
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$50,792.40
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$38,383.00
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Maximum payable – 20 September 2016 to 19 March 2017
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Maximum amount of bonus payable if you are entitled to 100% of the basic rate of age pension when you retire
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Bonus years
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Single
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Partnered (each)
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1 year
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$2,005.50
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$1515.80
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2 years
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$8,022.20
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$6,063.10
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3 years
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$18,049.90
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$13,641.90
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4 years
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$32,088.70
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$24,252.30
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5 years
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$50,138.70
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$37,894.20
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Maximum payable – 20 March 2016 to 19 September 2016
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Maximum amount of bonus payable if you are entitled to 100% of the basic rate of age pension when you retire
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Bonus years
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Single
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Partnered (each)
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1 year
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$1,998.00
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$1509.90
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2 years
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$7,991.90
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$6,039.60
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3 years
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$17,981.70
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$13,589.10
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4 years
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$31,967.50
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$24,158.50
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5 years
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$49,949.30
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$37,747.60
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Maximum payable – 20 September 2015 to 19 March 2016
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Maximum amount of bonus payable if you are entitled to 100% of the basic rate of age pension when you retire
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Bonus years
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Single
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Partnered (each)
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1 year
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$1,981.80
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$1,497.90
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2 years
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$7,927.40
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$5,991.70
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3 years
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$17,836.60
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$13,481.30
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4 years
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$31,709.40
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$23,966.80
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5 years
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$49,546.00
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$37,448.20
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Maximum payable – 20 March 2015 to 19 September 2015
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Maximum amount of bonus payable if you are entitled to 100% of the basic rate of age pension when you retire
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Bonus years
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Single
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Partnered (each)
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1 year
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$1,966.20
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$1,486.20
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2 years
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$7,864.80
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$5,944.80
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3 years
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$17,695.80
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$13,375.80
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4 years
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$31,459.20
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$23,779.10
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5 years
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$49,155.00
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$37,154.90
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Maximum payable – 20 September 2014 to 19 March 2015
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Maximum amount of bonus payable if you are entitled to 100% of the basic rate of age pension when you retire
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Bonus years
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Single
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Partnered (each)
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1 year
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$1,952.30
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$1,475.90
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2 years
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$7,809.10
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$5,903.70
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3 years
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$17,570.40
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$13,283.40
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4 years
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$31,236.30
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$23,614.90
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5 years
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$48,806.70
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$36,898.30
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Maximum payable – 20 March 2014 to 19 September 2014
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Maximum amount of bonus payable if you are entitled to 100% of the basic rate of age pension when you retire
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Bonus years
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Single
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Partnered (each)
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1 year
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$1,925.60
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$1,455.60
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2 years
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$7,702.50
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$5,822.60
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3 years
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$17,330.60
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$13,100.80
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4 years
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$30,810.00
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$23,290.30
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5 years
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$48,140.70
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$36,391.20
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Maximum payable – 20 September 2013 to 19 March 2014
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Maximum amount of bonus payable if you are entitled to 100% of the basic rate of age pension when you retire
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Bonus years
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Single
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Partnered (each)
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1 year
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$1,889.70
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$1,428.50
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2 years
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$7,558.80
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$5,714.10
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3 years
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$17,007.30
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$12,856.70
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4 years
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$30,235.20
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$22,856.30
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5 years
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$47,242.50
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$35,713.00
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Maximum payable – 20 March 2013 to 19 September 2013
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Maximum amount of bonus payable if you are entitled to 100% of the basic rate of age pension when you retire
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Bonus years
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Single
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Partnered (each)
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1 year
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$1,845.20
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$1,395.30
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2 years
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$7,380.90
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$5,581.10
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3 years
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$16,607.00
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$12,557.50
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4 years
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$29,523.50
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$22,324.50
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5 years
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$46,130.50
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$34,882.00
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Maximum payable – 20 September 2012 to 19 March 2013
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Maximum amount of bonus payable if you are entitled to 100% of the basic rate of age pension when you retire
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Bonus years
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Single
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Partnered (each)
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1 year
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$1,791.70
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$1,354.70
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2 years
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$7,166.80
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$5,418.80
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3 years
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$16,125.30
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$12,192.40
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4 years
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$28,667.10
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$21,675.30
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5 years
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$44,792.40
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$33,867.70
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Maximum payable – 20 March 2012 to 19 September 2012
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Maximum amount of bonus payable if you are entitled to 100% of the basic rate of age pension when you retire
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Bonus years
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Single
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Partnered (each)
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1 year
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$1,750.60
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$1,323.70
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2 years
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$7,002.50
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$5,294.70
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3 years
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$15,755.70
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$11,913.00
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4 years
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$28,010.20
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$21,178.70
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5 years
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$43,765.90
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$33,091.80
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Maximum payable – 20 September 2011 to 19 March 2012
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Maximum amount of bonus payable if you are entitled to 100% of the basic rate of age pension when you retire
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Bonus years
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Single
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Partnered (each)
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1 year
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$1,735.00
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$1,311.90
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2 years
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$6,940.00
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$5,247.80
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3 years
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$15,615.00
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$11,807.50
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4 years
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$27,759.90
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$20,991.00
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5 years
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$43,374.90
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$32,798.50
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Maximum payable – 20 March 2011 to 19 September 2011
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Maximum amount of bonus payable if you are entitled to 100% of the basic rate of age pension when you retire
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Bonus years
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Single
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Partnered (each)
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1 year
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$1,689.50
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$1,277.50
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2 years
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$6,758.10
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$5,109.90
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3 years
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$15,205.80
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$11,497.30
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4 years
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$27,032.60
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$20,439.70
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5 years
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$42,238.40
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$31,937.00
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Maximum payable – 20 September 2010 to 19 March 2011
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Maximum amount of bonus payable if you are entitled to 100% of the basic rate of age pension when you retire
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Bonus years
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Single
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Partnered (each)
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1 year
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$1,658.50
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$1,254.00
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2 years
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$6,634.00
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$5,016.10
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3 years
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$14,926.50
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$11,286.10
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4 years
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$26,536.00
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$20,064.30
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5 years
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$41,462.50
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$31,350.40
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Maximum payable – 20 March 2010 to 19 September 2010
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Maximum amount of bonus payable if you are entitled to 100% of the basic rate of age pension when you retire
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Bonus years
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Single
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Partnered (each)
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1 year
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$1,623.10
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$1,227.40
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2 years
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$6,492.20
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$4,909.50
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3 years
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$14,607.50
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$11,046.40
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4 years
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$25,969.00
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$19,638.00
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5 years
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$40,576.50
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$30,684.40
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Maximum payable – 20 September 2009 to 19 March 2010
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Maximum amount of bonus payable if you are entitled to 100% of the basic rate of age pension when you retire
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Bonus years
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Single
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Partnered (each)
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1 year
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$1,552.90
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$1,174.60
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2 years
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$6,211.70
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$4,698.30
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3 years
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$13,976.30
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$10,571.30
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4 years
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$24,846.70
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$18,793.40
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5 years
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$38,822.90
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$29,364.70
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Maximum payable – 20 March 2009 to 19 September 2009
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Maximum amount of bonus payable if you are entitled to 100% of the basic rate of age pension when you retire
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Bonus years
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Single
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Partnered (each)
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1 year
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$1,392.60
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$1,163.10
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2 years
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$5,570.40
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$4,652.40
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3 years
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$12,533.30
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$10,467.90
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4 years
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$22,281.50
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$18,609.60
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5 years
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$34,814.80
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$29,077.50
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Maximum payable – 20 September 2008 to 19 March 2009
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Maximum amount of bonus payable if you are entitled to 100% of the basic rate of age pension when you retire
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Bonus years
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Single
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Partnered (each)
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1 year
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$1,373.80
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$1,147.50
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2 years
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$5,495.10
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$4,589.80
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3 years
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$12,364.00
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$10,327.10
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4 years
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$21,980.40
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$18,359.30
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5 years
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$34,344.30
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$28,686.50
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Maximum payable – 20 March 2008 to 19 September 2008
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Maximum amount of bonus payable if you are entitled to 100% of the basic rate of age pension when you retire
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Bonus years
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Single
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Partnered (each)
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1 year
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$1,336.40
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$1,116.40
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2 years
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$5,345.50
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$4,465.70
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3 years
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$12,027.40
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$10,047.80
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4 years
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$21,382.10
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$17,862.70
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5 years
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$33,409.50
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$27,910.50
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Maximum payable – 20 September 2007 to 19 March 2008
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Maximum amount of bonus payable if you are entitled to 100% of the basic rate of age pension when you retire
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Bonus years
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Single
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Partnered (each)
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1 year
|
$1,314.10
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$1,097.60
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2 years
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$5,256.60
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$4,390.40
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3 years
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$11,827.20
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$9,878.40
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4 years
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$21,026.20
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$17,561.60
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5 years
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$32,853.50
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$27,440.00
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Maximum payable – 20 March 2007 to 19 September 2007
|
|
Maximum amount of bonus payable if you are entitled to 100% of the basic rate of age pension when you retire
|
|
Bonus years
|
Single
|
Partnered (each)
|
|
1 year
|
$1,283.30
|
$1,071.70
|
|
2 years
|
$5,133.40
|
$4,286.80
|
|
3 years
|
$11,550.10
|
$9,645.20
|
|
4 years
|
$20,533.50
|
$17,147.10
|
|
5 years
|
$32,083.60
|
$26,792.40
|
|
Maximum payable – 20 September 2006 to 19 March 2007
|
|
Maximum amount of bonus payable if you are entitled to 100% of the basic rate of age pension when you retire
|
|
Bonus years
|
Single
|
Partnered (each)
|
|
1 year
|
$1,251.60
|
$1,045.30
|
|
2 years
|
$5,006.30
|
$4,181.20
|
|
3 years
|
$11,264.20
|
$9,407.70
|
|
4 years
|
$20,025.20
|
$16,724.80
|
|
5 years
|
$31,289.30
|
$26,132.50
|
|
Maximum payable – 20 March 2006 to 19 September 2006
|
|
Maximum amount of bonus payable if you are entitled to 100% of the basic rate of age pension when you retire
|
|
Bonus years
|
Single
|
Partnered (each)
|
|
1 year
|
$1,221.30
|
$1,019.60
|
|
2 years
|
$4,885.10
|
$4,078.50
|
|
3 years
|
$10,991.40
|
$9,176.70
|
|
4 years
|
$19,540.30
|
$16,314.20
|
|
5 years
|
$30,531.70
|
$25,490.90
|
|
Maximum payable – 20 September 2005 to 19 March 2006
|
|
Maximum amount of bonus payable if you are entitled to 100% of the basic rate of age pension when you retire
|
|
Bonus years
|
Single
|
Partnered (each)
|
|
1 year
|
$1,194.90
|
$997.60
|
|
2 years
|
$4,779.50
|
$3,990.60
|
|
3 years
|
$10,753.80
|
$8,978.80
|
|
4 years
|
$19,117.90
|
$15,962.30
|
|
5 years
|
$29,871.80
|
$24,941.00
|
|
|
|
|
|
|
|