Eligibility for the Cost of Living Payment - assessed net income is $70,000 or less for the period 1 April 2021 to 31 March 2022;
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are not entitled to receive the Winter Energy Payment by receiving the NZ Super or a qualifying benefit from the Ministry of Social Development (MSD);
- are 18 years of age or older;
- are a New Zealand tax resident and living in New Zealand; and
- are not in prison
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Receiving the Cost of Living Payment
The Inland Revenue will automatically pay the Cost of Living Payment into your bank account once eligibility has been confirmed, though we're already stories of ineligible tax payers receiving notofication they will receive the payment. To receive the payment, the Inland Revenue must have your bank account details, so please ensure your bank account details are up to date and accurate; you can check within your myIR account. If you are at all unsure how to check or update your bank account details, please advise us, by providing a copy of a bank statement or deposit slip, and we will arrange to update your bank account number for you. |
2022 Tax Return not Assessed
If your 2022 tax return has not been assessed, then you will not receive the first payment today (1 August 2022), but don't worry you will receive it in the future. For tax payers where there has not yet been a tax assessment for the 2022 tax year, you will receive the Cost of Living Payment in the month after your 2022 tax return has been assessed. IE: tax return filed in August 2022, you will receive $233.34 on 1 September 2022. Your tax return must be filed by 31 March 2023 to retain the entitlement, and you have until 31 March 2024 to advise the Inland Revenue of your bank account details.
For more information, you can view all the details on the Inland Revenue site, at the below link. |
If you have any queries about the Cost of Living Payment, our tax team is here to help, so please don't hesitate to give us a call. |
