Prepare to Add to Cart ‘Cause the $250 Cash Bonuses Are Dropping Soon

Cash bonus

In case you missed it, six million eligible Australians will be getting a $250 cash bonus to help with the rising cost of living, Treasurer Josh Frydenberg announced in his 2022-23 Budget overview. The tax-free payments will go to welfare recipients, veterans, pensioners and concession cardholders.

Services Australia will be dropping the payments into eligible accounts automatically from Thursday, April 28. This means that, if you’re eligible, you won’t need to do anything to get it. Recipients will receive an email confirmation that the payment has been made. Service Australia has said that the payment date is subject to legislation.

“Events abroad are pushing up the cost of living at home,” Frydenberg said in his budget speech at the end of March. “Higher fuel, food and shipping costs are increasing inflation and stretching household budgets.

“This budget’s new cost of living package is responsible and targeted, delivering cheaper fuel, cheaper medicines and putting more money in the pockets of millions of Australians.”

Those already qualifying for any of the below will be receiving the $250 cash bonus:

The eligible concession cards are:

Note that even if you tick two or more of these eligibility requirements, you’ll still only receive one $250 payment.

The $250 cash bonus was one of many new measures announced in the Budget. Also announced was a cost of living tax offset of $420, paid to around 10 million Australians to offset the surging cost of living.

Known as the “lamington”, the Low and Middle-Income Tax Offset (LMITO) previously offered eligible recipients between $255 and $1080 at tax time. This will now increase from $675 and $1,500. The tax relief will be available from July 1 to Australians earning less than $126,000 a year.

The Budget also announced a temporary fuel excise relief. Frydenberg cut fuel prices by 22c a litre, effective for six months. He said this could save Australians as much as $700 in petrol costs.

Read more stories from The Latch and subscribe to our email newsletter.