The Cost of Living Payment is a payment to help with the rising costs of inflation for eligible individuals. We will explain who can get the payment, based on the criteria set by the Government.
What is the Cost of Living Payment?
As part of Budget 2022, the Government announced the introduction of a Cost of Living Payment of $350 to help with the rising costs of inflation for eligible individuals.
How do I meet eligibility for the Cost of Living Payment?
Inland Revenue will check who is eligible for the Cost of Living Payment before each monthly payment is made. You’ll get the payment if on the day you:
• earned $70,000 or less in the period 1 April 2021 to 31 March 2022.
• are not entitled to receive Winter Energy Payment by receiving the NZ Super or a qualifying benefit from Ministry of Social Development (MSD).
• are aged 18 or older.
• are not in prison or deceased.
• are both a New Zealand tax resident and present here.
It is possible to be eligible for 1, 2 or all 3 payments.
What are the Monthly dates and rate for the Cost of Living Payment?
The Cost of Living Payment which is $350 in total, will be split into 3 monthly payments starting 1 August 2022.
For most people the 3 main payment dates are:
- 1 August 2022
- 1 September 2022
- 3 October (the first business day of the month).
In some situations you may get some of the main payments and a lump sum, or just a lump sum. Find out more under ‘Your income tax assessment or return will confirm your income’ below.
If you have any questions regarding the filing of IR 3 tax return for the 2021/22 tax year, receiving their Individual Income Tax Assessment from Inland Revenue, having a valid New Zealand bank account in their Income tax account in myIR, or any other questions regarding the Cost of Living Payment, get in contact through the email or phone number below, we’d love to hear from you.
