The first of the two $250 economic support payments announced in the Federal Budget this year, is due to be sent from 27 November, and should start arriving in eligible bank accounts from early next month.
If you have received the other economic support payments and your circumstances haven’t changed, you will automatically be eligible for this payment. But if your circumstances have changed, how do you know if you are eligible?
You will receive the payment if you are living in Australia and receiving an eligible Centrelink payment or holding an eligible concession card on 27 November,
The eligible payments and cards include:
- Age Pension
- Carer Allowance
- Carer Payment
- Commonwealth Seniors Health Card
- Disability Support Pension
- Pensioner Concession Card.
The Department of Veterans’ Affairs (DVA) will also pay the economic support payments if you are receiving an eligible DVA benefit.
You do not need to claim the payment, it will automatically be paid into your bank account, although you won’t get the economic support payment if you are already receiving the coronavirus supplement.
If your eligibility for the economic support payment comes from holding a Commonwealth Seniors Health Care Card it is important to make sure that Centrelink has your bank account details, so the payment can be made. You can update your bank details through your Centrelink Online Account.
The economic support payment is non-taxable and doesn’t count as income.
When will the money arrive?
The exact date will be different for everyone and may not be the same date as your regular payment date, but it should arrive sometime in early December.
The $250 may appear in your online account up to 48 hours before it appears in your bank account.
What about next year’s payment?
If you are not receiving an eligible payment or holding an eligible card on 27 November, but you expect that situation to change, you could still be eligible for a $250 payment in March 2021.
You need to be deemed eligible for the payment on 26 February 2021 to get the next $250 payment during March.
Are you eligible for the economic support payment? Are you planning on spending the extra money or saving it? Do you expect that the economic support payments will continue beyond March next year?
If you enjoy our content, don’t keep it to yourself. Share our free eNews with your friends and encourage them to sign up.
Related articles:
https://www.yourlifechoices.com.au/finance/property/offsetting-rental-losses
https://www.yourlifechoices.com.au/government/centrelink/granny-flat-interest-explained
https://www.yourlifechoices.com.au/finance/property/renting-out-a-property-and-the-pension
