Sunday, April 14, 2024

Thousands of bank details missing for Cost of Living payments

With the first of three monthly Government Cost of Living payments due to be made on Monday, Revenue Minister, David Parker has urged people to make sure Inland Revenue have their bank account details.

From 1 August, Inland Revenue will pay three monthly instalments each of about $116 into the bank accounts of the 2.1 million eligible Kiwis – but many thousands of bank account details are still needed.

“Since taking office, our Government has worked hard to lift incomes and make life more affordable for Kiwis and their families. There is no easy fix to the current global Cost of Living pressures many people are facing. The Government’s Cost of Living payments are the latest step we are taking,” Minister Parker said.

“This new Cost of Living Payment sits alongside the Government’s Winter Energy Payment, and, together, these payments will support 81 per cent of New Zealanders aged 18 and over with their bills this year.

“The measures we’re putting in place will make a difference for people across the country. They build on actions we’ve taken since 2017 to ensure Kiwi families have more in their pocket to get ahead – policies like the family tax credit, free school lunches, cheaper doctors’ visits, and the removal of school donations. We’re also fixing the supermarket sector and increasing competition, to make sure that Kiwis pay a fair price at the till,” the Minister said.

There is no need for anyone to apply for the payment and people will receive the payment if Inland Revenue can confirm they:

  • earned $70,000 or less in the period 1 April 2021 to 31 March 2022;
  • are not entitled to receive Winter Energy Payment by receiving the NZ Super or a qualifying benefit from Ministry of Social Development (MSD);
  • are aged 18 or older;
  • are both a New Zealand tax resident and present here;
  • are not in prison.

“Since the payment was announced more than 43,000 people have given inland Revenue their bank account numbers. But there are still more than 164,000 people for whom the department doesn’t have those details,” the Minister said.

“Inland Revenue is working with more than 600 community groups, sports bodies and other organisations – particularly groups for Māori and Pacific peoples – to spread awareness about who might be eligible for the payment and the need to provide bank account numbers.”

People can update bank account details through myIR. They can also use the self-service number 0800 257 777 to add or change a bank account and other details. It is a 24/7 number and there is no wait time. 

“Inland Revenue will check to see who is eligible for the payment before each monthly payment is made. It is possible to be eligible for one, two or all three payments,” said Mr Parker.

For most people the three main payment dates are:

  • 1 August 2022
  • 1 September 2022
  • 3 October 2022.

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