$700-750 Cost of Living Relief for Australians – How to Claim

By Ehsteem Arif

Published on:

Anthony Albanese

With the rising cost of living putting stress on household budgets, millions of Australians will soon receive a helping hand from the government. This week marks the beginning of a cost-of-living relief package that includes $700-750 financial assistance to eligible households.

The $700-750 cost of living program was announced earlier this year. It aims to provide financial assistance to residents grappling with rising electricity bills. The program will allocate the $700 credit across two instalments, with one payment during the coldest month of the year and another in the hottest month. This targeted approach helps alleviate the financial burden during peak electricity usage periods.

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Eligibility

This financial aid will be offered to those who meet specific eligibility conditions:

  • All residential accounts in Western Australia are eligible for the $700 credit, regardless of their electricity retailer.
  • More than 90,000 small businesses are included in the program. However, eligibility for businesses is based on specific criteria that may not be publicly available yet.
  • The program offers automatic credit to residential households and specific small businesses in Western Australia.

Claim Process

For most recipients, claiming the credit is straightforward. Here’s how it works:

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  1. Automatic Credit for Major Retailers: If your household or small business electricity bill is with Synergy or Horizon Power, the two major electricity retailers in Western Australia, you don’t need to take any steps. The credit will be automatically applied to your bills in two instalments.
  2. Other Retailers: If you use a different electricity retailer, the claim process might differ. Applications for the credit are anticipated to open in July through Revenue WA and the Small Business Development Corporation.
  3. Create an Account: Navigate to the leading web portal, locate the “Create Account” tab, and follow the process to register.
  4. Fulfill Eligibility Criteria: Ensure you meet the eligibility criteria. Once verified, the $700 cost of living credit will be applied in two instalments.

Details

The application for the $700-750 Cost of Living credit is likely to open soon, with the exact dates for the credit instalments yet to be announced. However, they are expected during the coldest and hottest months of the year in Western Australia.

To make the most of this benefit, consider these tips for managing electricity costs:

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  • Energy Efficiency Audits: Request energy efficiency audits from your electricity retailer or a qualified provider. These audits can identify areas for improving energy consumption in your home or business, potentially leading to long-term savings.
  • Energy-Efficient Devices: Invest in energy-efficient devices. Look for appliances with high energy star ratings to reduce electricity usage.
  • Compare Rates: Electricity retailers offer varying rates. Consider comparing plans and switching to a provider with a more competitive offer.

By combining the cost of living credit with these strategies, Western Australians can effectively manage their electricity bills and navigate the current economic climate.

With the help of this $700-750 cost of living credit, eligible individuals can lower their electricity bills, providing immediate financial relief. This helps them manage household budgets during a time of inflation.

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Stay updated on the government’s leading portal or contact them for more information about the application procedure and deadlines.

FAQs

Who is eligible for the $700 credit?

All residential accounts in Western Australia.

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How do I apply for the credit?

Automatic for Synergy and Horizon Power; others apply via Revenue WA.

When will the credits be applied?

During the coldest and hottest months.

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Can businesses get this credit?

Yes, over 90,000 small businesses may be eligible.

Where can I find more information?

Check the government’s leading portal or contact their support services.

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Disclaimer- We are committed to fair and transparent journalism. Our Journalists verify all details before publishing any news. For any issues with our content, please contact us via email. 

Ehsteem Arif

A tax law expert with a knack for breaking down complex regulations into digestible insights. Ehsteem's articles on the tax news blog offer invaluable guidance to readers navigating changes in tax legislation.

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