Stimulus payments for pensioners
Stimulus payments for pensioners
Extra Payments for Pensioners
During 2020 Australian government provided two separate payments of $750 each to eligible households and then two further payments of $250 each are made recognising the ongoing impact of the Coronavirus pandemic.
The first lot of $250 was already paid in December and the second payment of $250 is to be paid in March 2021 with your eligibility calculated on 26 February 2021.
Who’s eligible for the $250 payment?
This payment is not just for pensioners. If you receive any of the following payments or if you hold any of the following healthcare cards, then you’re eligible:
- 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
Will the payment be taxed?
No, the payment won’t be taxed, and it also won’t be counted as income under Income Test for the purposes of any income support payments.
All economic support payments were welcomed by Australian’s bodies representing older retirees when the Budget was originally announced together with all ongoing updates and benefits for retirees.
Another great news for pensioners is the increase in Age Pension payments. Read more
by: Katherine Isbrandt CFP®
Money Strategist & Retirement Planner
Principal of About Retirement
A tiny request: if you liked this article, please share it
Most people don’t share articles, thinking that one share will not make a difference, but believe when I say, each article takes hours of putting it together, and I create them as I really want to make a difference in people’s lives.
So thank you so much for your support. Not only you will seriously help this blog to grow, but more importantly you will help people who might need this information and advice.
Some great suggestions how you can share it:
- Pin it!
- Share it on Facebook
- Tweet it
- Email to your friends and colleagues
It won’t take any more than 10 sec, as I’ve created all share buttons here for your convenience
Just pick your favourite button from the left side of this post, write your note and it’s done. THANK YOU
Steps to prepare for retirement
You are ready to retire, and now what? Steps to prepare for retirement.You are ready to retire, and now what? Steps to prepare for retirement.I'm sure that in every country you have to put some thought into planning for your retirement. Well, at least to figure out if...
Labor tax cuts – who benefits the most
Labor tax cuts – who benefits the mostLabor tax cuts – who benefits the mostPolitics is an amazing beast, and we all have love/hate relationship with it. But regardless of your feelings towards politics, political parties, or political leaders, we are all impacted by...
How to invest $1mil for best retirement
How to invest $1mil for best retirementI meet a lot of people who are preparing themselves for retirement who have approximately $1mil. Therefore, I thought it is a nice, round figure, a good level of savings, and lots of people can relate to this scenario. In this...