What you need to do to get the $250 cost of living cash payment

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The Federal Government announced tax cuts and a near-instant one-off cash payment of $250, as part of the 2022 Federal Budget on Tuesday night.

A $420 one-off tax break was also unveiled for more than ten million Australians, while the six million concession cardholders in the country will receive the $250 ‘cost of living’ payment this month.

This is in addition to the existing $1080 tax offset. Anyone earning under $126,000 will be eligible for the offset when filing their tax return.

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There will also be some relief for motorists, with the fuel excise tax being cut from 44.2 cents per litre to 22.1 cents until September 28th.

What is the cost of living payment?

It’s a one-off sum of $250.

Who will receive the $250 payment?

The Federal Government says that just over six million Australians will be eligible for the one-off cash payment of $250.

If you receive any of the following payments, you will be eligible for the payment.

  • Age Pension
  • Austudy and Abstudy Living Allowance
  • Carer Allowance
  • Carer Payment
  • Commonwealth Seniors Health cardholders
  • Disability Support Pension
  • Double Orphan Pension
  • Farm Household Allowance
  • Jobseeker Payment
  • Parenting Payment
  • Pensioner Concession Card (PCC) holders
  • Special Benefit
  • Veterans’ Affairs payment recipients and Veteran Gold cardholders
  • Youth Allowance

If you receive multiple of the payments listed above, you will still only receive the one payment of $250.

When can you expect to receive the $250 cost of living payment?

The $250 payment will be automatically deposited into your chosen bank account, where you receive other government benefits.

It’s suggested that you ensure that your personal details are up-to-date to avoid any delays.

Payments will commence in April, however, there is no specific time or date of when you should expect it.

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