Check out the latest updates on the $243.90 COLC Payment Australia: Payment Dates, Eligibility, How to Claim it? We have great news for all the concession holders residing in Australia. The Cost of Living in Australia is escalating extremely and is completely troublesome for low-income earners.
$243.90 COLC Payment Australia
The Cost Of Living Payment is an essential support for citizens living in higher inflation, and it has raised their cost expenditure. In a financial crisis, their income might not be sufficient to support their families and save for retirement plans. The program aims to support around 73,000 beneficiaries who are under the minimum earning criteria.
Almost all the workers have been grappling to meet their daily needs, raise their children, and contribute to their retirement plans. The federal government rewarding the one-off COLC Payment can provide additional supplementary income to the individual to meet their expenses. Scroll ahead to gather more details on the $243.90 COLC Payment Australia.
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$243.90 COLC Australia Eligibility
You might wonder whether you are eligible for the Cost of Living Concession. Kindly note that the COLC is for those who already got the 2023/24 COLC payment and will be receiving the $243.90 once again this month.
- The claimant must be an Australian citizen residing in the State property.
- To be eligible, you must possess a relevant card to receive the Centrelink payment or fulfill low-income norms.
- Renters should not reside with someone who earns more than the low-income limit.
Here is the list of the eligible cards you must hold in order to receive COLC.
- Totally and Permanently Incapacitated
- Extreme Disablement Adjustment
- Pensioner Concession Card
- Commonwealth Seniors Health Card
- War Widow
- Low-Income Health Care Card
Households who live on rent and possess a Commonwealth Seniors Card will be extra Cost of Living Concession. To collect more information on eligibility, you can review the Service Australia portal.
$243.90 COLC Payment Dates
We would like to inform you that most concession holders living in South Australia have already started receiving the payment in their bank accounts. The COLC targets Australian citizens who are on low incomes and those who fulfill specific income and property ownership requirements.
Considering the inflated cost of living, the $243.90 COLC Payment is designed to help eligibles manage their expenses and improve their quality of life. This initiative is significant in supporting citizens facing financial crises with fixed incomes, where they can utilize the one-time payment to pay off utility bills, medical bills, and many more.
How to Claim COLC Payment?
If you are willing to make a claim, you do not have to undergo any application procedure. The supplementary cost of living payment will be directly hit your bank account. Individuals unsure whether they have obtained the payment are advised to locate the $243.90 amount along with the description ‘COLC Payment.’
Those who have updated their bank accounts or have deactivated the previous bank account are requested to inform Centrelink regarding the same. This could be the reason for the delay in your COLC payment. If your circumstances remain unchanged, there is no need to repay the Cost of Living Concession payment.
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All We Know
Stephen Mullighan, while announcing the State Budget, stated that the Cost of living payment would be immediate. If the media reports are legitimate, the government has already initiated the payment, and it is anticipated that it will hit the recipient’s bank accounts by the conclusion of this week. He said that the cost of living payment is especially for low-income individuals, households with dependent children and renters, and those struggling to purchase their first house.
As immigration practices are actively hiked, the price of housing has increased. This is the main reason housing in Australia will naturally cost more compared to other countries. Do not be anxious if you do not receive your COLC payment this year, as starting from 1 July 2024, you will be eligible for the upcoming COLC payment for 2024/25 financial years. This means that in the forthcoming month, beneficiaries will receive a new fee of $255.60, with the COLC to be paid in August.
