The government recently passed a Bill that would apply to approximately 5.1 million Australians that will allow them to be in receipt of two $250 handouts (equating to $500). This handout is known as the “Economic Support Payment”.

Who is eligible for the economic support payment?

The Economic Support Payment is
eligible to:

• Veterans;
• Disability pensioners;
• Commonwealth Seniors Health Card (CSHC) holders;
• Recipients of family tax benefits and carer payments.

When will you receive your economic support payment?

These payments will initially be made from 30 November 2020, with the subsequent payment made from 1 March 2021. However, to qualify, those listed above must meet an income test and needs to be residing in Australia and not be obtaining any payments from Veterans Affairs.

To satisfy the income test:

• Couples must be earning below $89,290; or
• Individuals must be earning below $55,808; or
• Couples separated by prison, respite care or illness.

Australians will discover whether or not they are eligible to receive the first instalment payment of $250 around 27 November 2020.

For more information on the Economic Support Payment, visit the Services Australia website.