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Australian retirees may be eligible for the second of two $250 bonus payments from the Australian Government as a result of changes to deeming rates. Find out if you qualify.
Additional payments and extra support for older Australians were unveiled in the Federal Budget on 6 October 2020.
The measures included two additional $250 payments, with the first provided from December 2020 and the second in March 2021.
For the second payment, seniors have until 26 February 2021 to qualify.
According to National Seniors Australia,1 many older Australians may be at risk of missing out on the latest payment because they don’t realise they are eligible.
National Seniors Chief Advocate, Ian Henschke, said changes to deeming rates, used as part of the Commonwealth Seniors Health Card (CSHC) income test, meant more older Australians were now eligible for the card and therefore the budget stimulus payments.
The CSHC was the main criteria used to determine if a self-funded retiree qualified for the budget stimulus payments, he said. Find out more about the card here.
The bonus payments may be helpful for many senior Australians concerned about finances due to the impacts of the coronavirus pandemic.
Around four in five senior Australians say they are worried about the economy, while more than three-quarters of self-funded retirees have concerns about the value of their investments as a result of the impacts of COVID-19.2
The findings, from a survey of more than 500 self-funded retirees in 2020, also found more than half of Australian retirees were also either very worried or somewhat concerned about managing their money long term and accessing the age pension.
Self-funded retirees have until 26 February 2021 to check whether they are eligible for the CSHC and potentially get the second $250 payment.
To qualify for the card, you must have reached the pension age, meet an income test, not be receiving any payments from Veterans Affairs, and be an Australian resident living in Australia.
To meet the income test you must earn below the following income thresholds:
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The opinions expressed and those providing comments are theirs alone, and do not necessarily reflect the opinions of the QSuper Board. No responsibility is taken for the accuracy of any of the information supplied and you should seek advice for your circumstances.
1. Media Release, 27 October 2020, National Seniors Australia, Are you eligible for the budget bonus payments? at https://nationalseniors.com.au/news/media-release/media-release-are-you-eligible-for-the-budget-bonus-paymentsquestion
2. Media Release, 2 September 2020, National Seniors Australia, Self-funded seniors reveal their financial concerns, at https://nationalseniors.com.au/news/media-release/media-release-self-funded-seniors-reveal-their-financial-concerns
The Budget aims to provide further support to older Australians who wish to stay at home for longer
The government has changed deeming rates
Summary of Budget 2020: Your future, your super
Summary of Budget 2020