The Government is providing 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, by provide assistance to lower income Australians, including pensioners, other social security and veteran income support recipients and eligible concession card holders.
- The first payment (announced on 12 March 2020) will be available to people who are eligible payment recipients (Age Pension, Veterans Pension) or concession card holders at any time from 12 March 2020 to 13 April 2020 inclusive.
- The second payment will be available to people who are eligible payment recipients (Age Pension, Veterans Pension) or concession card holders on 10 July 2020.
A person can be eligible to receive both a first and second support payment. However, they must be residing in Australia and can only receive one $750 payment in each round of payments, even if they qualify in each round of the payments in multiple ways.
Payments will be made by Services Australia or the Department of Veterans’ Affairs.
The payment will be exempt from taxation and will not count as income for the purposes of Social Security, Farm Household Allowance and Veteran payments.
These payments started flowing into the bank accounts of 6.5 million (mainly) lower-income Australians from March 31.
The first payment will be made to approximately 6.6 million social security, veteran and other income support recipients and eligible concession card holders, and second payment is expected to be made to around 5 million social security, veteran and other income support recipients and eligible concession card holders. Around half of those that benefit are pensioners.
While most working Australians won’t receive this payment, this type of tightly targeted payment will provide maximum bang for buck in terms of stimulating the economy.
If you have any questions about your entitlements to government payments, please don’t hesitate to give us a call.
Information in this article has been sourced from https://treasury.gov.au/coronavirus/households
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