In the 2020-21 Budget announcement, 6 October 2020, there was talk about a $500 total Cash Bonus for pensioners. It was announced a payment of $250 will be given out in December 2020 and a second $250 payment in March 2021. There are no official dates for these payments as of yet. In order to be considered eligible to receive the bonus, information in your MyGov should be undated by 27 November 2020. It is also important to note that there are no laws in place yet and therefore the cash bonus may be subject to change.
If you fit into any of the following categories, you are eligible for the payments:
Age pension
Disability Support Pension
Carer Payment
Family Tax Benefit, including the Double Orphan Pension (but not in receipt of a primary income support payment)
Carer Allowance (but not in receipt of a primary income support payment)
Pensioner Concession Card (PCC) holders (not in receipt of primary income support payment)
Commonwealth Seniors Health Card holders
Eligible Veterans' Affairs payment recipients and concession card holders
These payments will not be taxed and will not count as income support.
To qualify for the Commonwealth Seniors Health Card, an individual must have reached the pension age, meet an income test, are not receiving any payments from Veterans Affairs and are an Australian resident living in Australia.
To meet the income test, individuals or couples must earn below the following thresholds:
· $55,808 for singles
· $89,290 for couples
· $111,616 for couples who are separated by illness, respite care or prison.
For more information or assistance please contact Infinite Accounting Solutions on 02 9899 4730 or via the contact page at www.ias-ca.com.au.