Cost of Living bonus payment to eligible New Zealanders

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The first of three instalments will be made today- August 1, 2022

Image Courtesy: 123RF through RNZ

Wellington, August 1, 2022

The first instalment of $116.67 will be paid by the Inland Revenue Department (IRD) to more than 2.1 million eligible New Zealanders under the Cost of Living Payment Scheme announced (surprisingly) by Finance Minister Grant Robertson while presenting his budget on May 19, 2022.

But more than 164,000 people are at the risk of losing out because IRD does not have their bank details. Under the scheme, payments are made automatically paid to eligible New Zealanders, meaning those earning $70,000 or less per year, provided they are at least 18 years old and are not eligible for Winter Energy Payments.

Inland Revenue will make three equal instalments totalling $350 on August 1, September 1 and October 3, 2022.

Speaking to Lisa Owen of Check Point (of Radio New Zealand), Revenue Minister David Parker rejected the contention that the scheme has been rushed. He said that IRD had details of more than 90% of eligible people and that it has been publicised widely since May 2022. These include press releases, media coverage, tax agents, accountants, budgeting services and employers.

“A team of more than 700 staff are working at IRD to reach everyone eligible for the payment, and update their details, and disputed the claim that IRD had said it could not deliver the payment. The most common way that people update their details with IRD these days is on the internet, [through] myIRD. We also have telephone services,” he said.

Revenue Minister David Parker (RNZ Photo by Dom Thomas)

 

 

 

 

 

 

 

 

 

 

According to Mr Parker, people who have not provided their bank account number by the time the payments were made could still claim them until the end of March 2023.

“We have always known that we do not have bank accounts for every New Zealander. There is no obligation to provide a bank account number,” he said.

The following is from the IRD Website:

“The Cost of Living Payment is a payment to help with the rising costs of inflation. It is for people who meet the eligibility criteria. If you have received an email from IRD saying that you are eligible for the Cost of Living Payment, this will be paid automatically into your bank account on August 1, 2022. We are staggering the payments and hence you may not receive them at the same time as others, even if you use the same bank account.

“We will pay you the Cost of Living Payment automatically if you’re eligible. You do not need to apply. Make sure that we have the correct bank account number for your Income tax account in case you are eligible. You can check your bank account information in myIR. If you do not have a myIR account, you can register for one. Otherwise, you can call us on 0800-473777. If you are registered for voice ID, you can do this 24/7 and there is no wait time. Alternatively, we have people to help you from 8 am to 6 pm on weekdays and from 9 am to 1 pm on Saturdays.

“The total Cost of Living Payment is $350 which will be split into 3 monthly payments starting 1 August. For most people the 3 main payment dates are: 1 August 2022 – $116.67; 1 September 2022 – $116.67; 3 October (the first business day of the month) – $116.66.

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