The Cost of Living Payment is a $250 one-off payment to help with the cost of living. The Cost of Living Payment is not taxable, and you don't need to report it as income. You'll get it if you were residing in Australia on 29 March 2022, and: you were able to claim, or were getting an eligible payment.
The relief will be given to Aussies receiving income support, such as those on JobSeeker, pensioners and Commonwealth Seniors Health Card holders, Family Tax Benefit A and B recipients and eligible small business owners. Amounts and details will vary between states and territories.
The Australian Government will invest $1.5 billion to assist around 6 million Australians with higher cost of living pressures. A one-off $250 Cost of Living Payment will be paid to eligible recipients from the end of April 2022.
If your Centrelink online account is linked to myGov, sign in now to claim a payment or concession card. You can also claim using your DVA online account through myGov. We'll send you a letter confirming your payment has been made. You don't need to do anything.
The Cost of Living Payment is a one-off payment of $250. You'll only get one Cost of Living Payment, even if you were getting more than one eligible payment or concession card. It's not taxable. You don't need to report it as income.
The Work Bonus income bank is useful for pensioners who wish to work, particularly those who undertake intermittent or occasional work. Note: from 1 December 2022 to 31 December 2023, a one-off, temporary credit of $4,000 applies to Work Bonus income bank balances.
If you're a pensioner currently receiving support through Centrelink, you may be eligible for extra help with bills and medicine costs through the Pension Supplement. This supplement is a combined payment of Pharmaceutical Allowance, Utilities Allowance, GST Supplement and Telephone Allowance.
The Cost of Living Payment is a $250 one-off payment to help with the cost of living. The Cost of Living Payment is not taxable, and you don't need to report it as income. You'll get it if you were residing in Australia on 29 March 2022, and: you were able to claim, or were getting an eligible payment.
To get the $250 one-off Cost of Living Payment you must be a Centrelink or Department of Veterans'Affairs customer. You must have been residing in Australia on 29 March 2022 and either: you were able to claim, or were getting an eligible payment. you were able to get, or had an eligible concession card.
The Government has provided two separate $750 payments to social security, veteran and other income support recipients and eligible concession card holders. Around half of those that benefit are pensioners. These payments will support households to manage the economic impact of the Coronavirus.
Full Age Pension income threshold increases by:
Singles threshold $204 per fortnight, increase is $14 per fortnight, $364 per annum. Couples threshold $360 per fortnight, increase is $24 per fortnight, $624 per annum.
You have $300 of Work Bonus available each fortnight, which can accrue up to the maximum amount. When your Work Bonus eligible income is less than $300 a fortnight, we'll reduce your income to zero.
Single age and disability pension recipients and carers will receive an increase of $37.50 a fortnight, and couples a combined $56.40. WATCH THE VIDEO ABOVE: NSW Coalition makes pitch to parents ahead of state election.
Eligible pensioners have had $4,000 credited to their Work Bonus balance since 1 December 2022, increasing the maximum Work Bonus balance from $7,800 to $11,800. This measure extends the increase to 31 December 2023.
Carer Supplement is an annual payment of $600 for each eligible payment you get. You'll get this on top of your regular payment.
The bonus will be paid to workers providing care and support in Government subsidised home care and to residential aged care workers. The payments will be for clinical care workers and expanded to all those providing direct care, food or cleaning services in Government subsidised residential care.
Aussies on Centrelink will see a payment boost from the federal budget. Aussies who receive Centelink's JobSeeker will be seeing more cash in the bank, thanks to the federal budget. Around 1.1 million Aussies on JobSeeker who are looking for work are set to benefit from the $40-per-fortnight cash boost.
The liquid assets waiting period is between 1 and 13 weeks. It applies if you have funds equal to or more than either: $5,500 if you're single with no dependants. $11,000 if have a partner or you're single with dependants.
The $250 cost-of-living payment
The payment will be given to eligible recipients of the following schemes, and to concession card holders: Age Pension. Disability Support Pension. Parenting Payment.
Rate: $6.20 per fortnight for an eligible single person, and $3.10 per fortnight for each eligible member of a couple (i.e. $6.20 in total if both members of a couple are eligible).
FTB supplements
If you're eligible, you may get any of the following: FTB Part A supplement of up to $817.60 for each eligible child. FTB Part B supplement of up to $397.85 per family. Single Income Family Supplement of up to $300 per family.
Australians born on or after January 1, 1957, will have to reach 67 years of age before becoming eligible for the pension as part of the new rules. The July 1 changes will also mean singles can earn $204 a fortnight and couples $360 a fortnight, before losing their full pension.
The first full payment at the new rates of pension will be payday 6 April 2023. The maximum rate of single service pension will rise by $37.50 to $1,064.00 per fortnight and the maximum rate for couples will increase by $28.20 to $802.00 per fortnight (each).
You can get up to $600 for each person you provide care for. You won't be eligible for Carer Supplement if you get Age Pension. But you will get Carer Supplement for each person you get Carer Allowance for.