The newly implemented Cost of Living Payment
What’s it all about? In the 2022 Budget the government announced the ‘Cost of Living Payment’ scheme in response to the increased cost of living. For those eligible, individuals will receive up to $350, with payments split into 3 monthly payments of $116.67.
To be eligible individuals must:
- Have earned 70k or less during the period of 1 April 2021 to 31 March 2022
- Are not eligible for the Winter Energy Payment
- Have filed their 2022 tax return
- Are aged 18+
- Be NZ tax resident living in NZ
The payouts begin on the 1st August 2022. Individuals do not need to apply for the scheme, as those that are eligible will automatically get paid directly into their bank account on file with IRD*.
For more information on the Cost of Living Payment click here
*Individuals must have a bank account on file with IRD.
