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Additional Payments to Social Security, Veteran Income Support and Concession holders – $1500

Additional Payments to Social Security, Veteran Income Support and Concession holders - $1500

Aim

These payments will provide assistance to lower income Australians, including pensioners, other social security and veteran income support recipients and eligible concession card holders.

Benefit

There will be two separate $750 payments that will be available to people who are eligible.

The first $750 payment will be available to eligible recipients from 12 March 2020 to 13 April 2020 inclusive.

The second $750 payment will be available to eligible recipients on 10 July 2020.

A person can be eligible for both support payments. However, they can only receive each payments once.

The payment will be exempt from tax and not count as income for Social Security, Farm Household Allowance and Veteran payments purposes.

Eligibility criteria

To be eligible for the first payment, you must be in Australia and receiving an existing support payment or hold an eligible concession card any time between 12 March 2020 to 13 April 2020 inclusive.

To be eligible for the second payment, you must be residing in Australia and be receiving one of the payments or holding one of the concession cards that were eligible for the first payment, except for those who are receiving an income support payment that is eligible to receive the $550 Coronavirus supplement.

Income support recipients that are eligible to receive the Coronavirus supplement are:

  • JobSeeker Payment (and payments progressively transitioning into JobSeeker Payment)
  • Youth Allowance Jobseeker
  • Parenting Payment (Partnered and Single)
  • Farm Household Allowance
  • Special Benefit

How to apply?

You don’t need to do anything, and you will be paid automatically.

First payment will be sent automatically from 31 March 2020.

Second payment will be sent automatically from 13 July 2020.

If you need assistance, please reach out to our friendly accountants on 1300 865 199 or if you would like us to give you a call, Book in your 30 minute consultation for $50 to get the answers you need today.

Sidney Cachuela

Sidney Cachuela

Sidney Cachuela is a Business Mentor and Associate Financial Advisor who genuinely revels in solving the sorts of wicked problems facing business. His experience includes working with high profile wealth managers and financial advisers, including managing $100m of client FUM across 200 clients. In 2018 he co-founder POP Business, a cloud-based accounting firm. Sidney is a complete technophile, and believes that innovation and new tech are the way forward. POP Business is his labour of love. He has expertise in helping small businesses with a range of accounting services, including: financial advice, accounting and bookkeeping, GST tax planning, as well as company, trust and partnership tax returns and more.

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