Cost of Living Payments
The new Act allows Inland Revenue to make a Cost of Living Payments to eligible individuals. The total Cost of Living Payment is $350 which will be split into 3 monthly payments. The first payment will commence on 01 August 2022.
To be eligible, individuals must be a New Zealand tax resident, aged 18 and over, earned less than $70,000 in the tax year 2021-22 and who is not receiving the winter energy payment.
*The above article is a high-level explanation of the methods of calculation, and there may be other technicalities/rules that are applicable. The complexity of the calculations can also vary. Please reach out to us if you have specific questions regarding your situation.
Please note that the above does not constitute specific tax advice and only intends to be a general advice. If you require specific advice related to your situation, please reach out to our tax consultant using the ‘contact us’ option.
Contact Tax Accountant
Please fill the form below to contact us!