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Don't miss government's $500 payment!

Department of Veterans’ Affairs (DVA) recipients, or concession card holders; Centrelink aged pension recipients, or those receiving carer, family and disability payments, or commonwealth seniors health care card holders, will receive $500 in cash payments, in the next five months. This is a move the Federal Government hopes will stimulate the Australian economy

To be eligible for this you need to be registered for a benefit before 27 November 2020.

If you are registered already with Centrelink or DVA you don’t need to do anything further and the first $250 of the payments will be made starting from November with the second tranche to follow in March 2021.

With the reduction in deeming rates, many clients are now eligible for the Commonwealth Seniors Health Care Card. To be eligible, you need to meet the income test. The income test does not include account based pension drawings, instead it is calculated based on the “deeming” of all your financial assets, and the deeming rates are currently at an all-time low of 0.25% on the first $53,000 for a single person and $88,000 (combined) for a couple then 2.25% on the balance.

From 20 September 2020, you must earn no more than the following:

  • $55,808 a year if you’re single
  • $89,290 a year for couples
  • $111,616 a year for couples separated by illness, respite care or prison.

You can add $639.60 to these amounts for each child in your care.

There is no assets test.

To apply, you will need to register with myGov. The link is here my.gov.au

As always, should you have questions or need further assistance, please email or call us.