Updated Cost of Living Australia: Eligibility, Amount, Payment Dates, How to Claim it?

Anisha
Anisha
Cost of Living Australia

Check the details about the Cost of Living Australia: Eligibility, Amount, Payment Dates, How to Claim it? here. The Cost Of Living is a vital part of measuring the poverty and the economy of the country. The Australian Government has been releasing the allowance to meet the Cost of expenditure for low-income earning individuals. Read the article to get the complete details about Cost of Living Australia.

Cost of Living Australia

As the country is a vacation spot with a beautiful environment, the expenditure is quite expensive. Despite the release of the allowance, the citizens are struggling with finances due to the higher inflation rate. The Consumer Price Index of services and goods is not manageable by many households and families. According to the data from the Australian Bureau of Statistics food prices have increased by 8%, the travel and accommodation have been raised by 12%. The medical services are marked up to 6.7% and the electricity bills have shown an increase of 12 percent in the past 12 months.

The report shows that Australian citizens marked one to eight percent under the poverty line. The Government of Australia has invested 1.5 billion to assist around 6 million families with standard living. The authorities have decided to increase the funds for this year and the allowance will be increased for each category under Centrelink. The basic amount issued to the candidates is $250.

Important Links

  1. Child Benefit Payments
  2. Cost of Living Payment
  3. Housing Benefit Dates
  4. Benefit Payment Dates
  5. Worker Benefit Payment

Cost of Living Australia Eligibility 2024

As we have discussed in the previous section, the expenses are reaching a peak. Thus, the Australian Government will be providing the cost of living amount according to certain norms. The candidates should follow certain eligibility criteria to receive the Cost of Living Allowance. The basic details about the allowance are discussed in this section:

  • The applicant should be a permanent resident of the country.
  • If the candidate is an immigrant, they should have a visa for more than 10 years. They should also have a 5-year history of living in the country.

Cost of Living Australia

  • The beneficiaries should be in the country during the disbursement of the allowance.
  • Widows of Australia can also apply for the benefits. But they should have a minimum history of 104 weeks of living in the country.

The candidates should qualify for two liability tests to receive the benefit. The mandatory tests are mentioned below:

  • Asset Test: The test is assigned to check the viability of the person through the assets they carry during the disbursement. The minimum assets limit of the single is AU$301,750 if they don’t own any property. The limit will be different if they have any property tax to be paid. AU$543750 if they own any house. The limit for the couple together is AU$451500 if they own a house together. If they have no property, their limit is AU$693500.
  • Income Test: The minimum threshold limit of the single is AU$2937. The income limit for the couple is AU$3666.

Cost of Living Australia Amount 2024

All the candidates will be receiving the basic pay of $250. The additional amount of the allowance depends upon the circumstances of the household.

Pension Rate Single Couple Couple Combined A Couple (Who Live Separately)
Basic Rate $1 002 $755.70 $1511 $1002.50
Maximum Pension $80.10 $60.40 $120.80 $80.10
Maximum Energy Supplement $14.10 $10.60 $21.20 $14.10

All the amount will be deposited under the Income management Account which the receiver can access anytime and the enchanted account, which they can assess using the smartcard.

Cost of Living Australia Payment Dates 2024

The cost of allowance is issued to the receiver every fortnight. Each allowance under Centrelink is scheduled to be released in a fortnight. The candidates will receive their next allowance in the upcoming days.

With, the increased inflation, the amount is also increased as discussed in the above sections. The beneficiaries might observe the increament in their deposit in the next paychecks.

Important Links

  1. Child Benefit Payments
  2. Cost of Living Payment
  3. Housing Benefit Dates
  4. Benefit Payment Dates
  5. Worker Benefit Payment

How to Claim Cost of Living Australia?

The candidates should link their MyGov Account with their Centrelink account to claim the allowance. The procedure is shared here.

  • The receiver should link the Centrelink account to the bank account and update it on the “My Gov” portal.
  • The applicants once register themselves to the Centrelink account are eligible to receive the allowance, they need not reapply for the benefits.
  • The authorities will check the eligibility of your account for any upcoming benefits, and if eligible will send the notification through the Centrelink account.
  • The approval of the concession card is mandatory to receive the allowance.
  • The beneficiaries can claim the amount using the DVA online account through “My Gov”.

When the accounts are approved or the allowance is deposited to the account, the authorities will send a notice regarding the status of the account.

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By Anisha
Anisha is a seasoned tax consultant with a decade of expertise in income tax management. Graduating with top honors in Finance, she embarked on a career journey focused on simplifying tax complexities. Anisha's insightful articles on savemytaxes.org provide practical guidance to taxpayers.
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