On Monday, many people who live in New Zealand will get a payment of $116 from the government. This is the first instalment of the cost-of-living bonus announced in May. It is to help people who are suffering because of inflation. Inflation is when prices become more expensive and the cost of living increases.
The bonuses are being sent to New Zealand tax residents who earn $70,000 a year or less, are over 18, and do not get the winter energy payment. The winter energy payment is money given to people over 65 and people who get money from the government because they cannot work or cannot find work.
New Zealand’s tax department, The Inland Revenue Department, will pay the money into people’s bank accounts. If you are eligible for a payment, you should make sure that the IRD has your correct bank account number. If they do not have your bank account number, they will hold the money and wait until you give it to them. You can contact the tax department at this address.
The cost-of-living payment will be paid in three instalments, totalling $350 per person.
Instalment: one of a limited series of payments
Bonus: a one-off (only once) payment
Tax resident: someone who lives in New Zealand and has a tax number
Eligible: qualifying for
Hold: keep, wait