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
