Tens of thousands of Australians may be missing out on a $500 cash payout from the government.

There are two $250 government payments for aged and disability pensioners, veterans, people on carer payments and family tax benefit recipients as part of the 2020 Budget.

The first $250 is expected in December while another will come in March 2021.

Australians have until November 27 to check if they are eligible to receive the first payment.

Commonwealth Seniors Health Card (CSHC) and pensioner concession cardholders are also in line for the handouts.

National Seniors Australia, the peak consumer group for older Australians, says there are tens of thousands of seniors who don't realise they qualify and is urging self-funded retirees to also check their eligibility.

 

Seniors are urged to check their eligibility for the cash payments.
Seniors are urged to check their eligibility for the cash payments.

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Only pensioners who are Australian residents living in Australia who meet an income test and are not receiving any payments from Veterans Affairs are eligible for the seniors' health card.

To meet the income test, individuals or couples must earn below the following thresholds:

$55,808 for singles; $89,290 for couples; or $111,616 for couples who are separated by illness, respite care or prison.

National Seniors Chief Advocate Ian Henschke said in a statement that self-funded retirees "are among the hardest hit" by COVID and "could really do with some extra cash in their pockets going into Christmas".

"I urge all self-funded retirees who are not CSHC holders to at least check the eligibility criteria and apply before the November 27 deadline," he urged.

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The first lot of $250 in cash is expected in December and the second in March 2021.
The first lot of $250 in cash is expected in December and the second in March 2021.

TAX CUTS

Aussie workers can expect to see extra cash in their pay packets from as early as this month under tax cuts promised in the Federal budget.

Treasurer Josh Frydenberg announced the tax cuts would be brought forward in a bid to combat the coronavirus recession.

But when will we see the tax cut money and how much will we get?

The average income earner with an $80,000 salary will get around $2160 cash back for this financial year, which the Treasurer said is an effort to stimulate the economy.

Those on a $60,000 salary will get even more - around $2415 - roughly the same as those earning $100,000 or more.

Workers earning $150,000 or more will get a tax cut of $2430 for the financial year, while those with a salary of $40,000 should expect $1209.

"Australians will have more of their own money to spend on what matters to them, generating billions of dollars of economic activity and creating 50,000 new jobs," Mr Frydenberg said in his Budget speech.

The payments will be split roughly in two with half being delivered through your pay from this month and the other half coming in next year's tax return.

Anyone earning less than $90,000 - the majority of Aussie workers - will get around $1080 divided up in their pay from this month and then another $1080 when they lodge their tax return next year.

 

Originally published as Cash bonus Aussies could miss out on



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