Cost of Living change to eligibility date

As part of Budget 2022, the Government announced the introduction of a Cost of Living Payment (COL) of $350 to help with the rising costs of inflation for eligible individuals.

We are aware that because of recent weather events many tax agents and their customers may find it difficult to complete income tax returns due to be filed by 31 March 2023. A decision was recently made to delay asking for outstanding 2022 income tax returns until 31 May 2023.

Tax agents - 2022 income tax return filing

Eligibility for the Cost of Living payment

To receive the COL payment, the 2022 income tax return was required to be filed no later than 31 March 2023.

A decision has now been made that the final date, to be considered, for eligibility for the COL payment be extended to 31 May 2023 to help those affected by the recent weather events.

If an IR3 is filed on or:

• before 31 May 2023, we’ll still check eligibility for the payment (even if it is processing or completed after this date)
• after 1 June 2023, we will not check eligibility for the payment (even if you have applied for and been granted a deferment beyond 31 May).

It is still important to file income tax returns as soon as possible. If you have not been impacted by these events, then please ensure returns are filed by 31 March.

Income tax assessments – more information requests

If your client has an 'income tax – more information request' they will be automatically-assessed on 31 March (if not confirmed before then). Any eligibility to COL payments will be assessed at this time.