You may be eligible for the Cost of Living Payment – even if it hasn’t arrived in your account.
If you earned less than $70,000 between 1 April 2021 and 31 March 2022, you are eligible for the one-off $350 payment, paid over three months.
It’s individual income, not household income
The Cost of Living payment is based on individual income. If you are part of a couple and one of you earns more than $70,000, but the other one earns less than $70,000, that person is still eligible for the payment.
Does Inland Revenue have your details?
Some people haven’t yet received their Cost of Living payment – around 1.3 million people received the payment initially, with another 800,000 estimated to be eligible.
An estimated 137,000 people missed out on payment because Inland Revenue didn’t have a bank account number for them.
If you think that might be the case for you, or someone you know, we can get in touch with IR and give them the correct details – just get in touch. You have until 31 March 2024 to provide your bank account number.
Has your individual tax return been filed?
Another possibility is that your income tax return has not yet been filed. It’s possible we need some more information from you, or you’ve had an extension on filing your return. To get the payment, your individual income tax return must be filed by 31 March 2023. If your income return hasn’t yet been filed, and you think it will be below $70,000 (or this applies to someone else in your household), get in touch and we can help sort this out so you receive the payment.
Students and those aged over 18 are eligible. For example, if one of your children has just turned 18, they may be eligible for one or two payments rather than all three.
More information and assistance
To find out more about the Cost of Living payment give us a call and we can answer your questions.