5 ways to get money for nothing
The first of three payments to help households cope with the increased cost of living were made to (some) eligible Kiwis this week.
Inland Revenue said 1.32 million people received the $117 cost of living payment on August 1 but that was about 780,000 fewer than predicted.
Many of those were likely to receive the payment when their taxable income was finalised but about 134,000 people missed out simply by not supplying their bank account information. If you are one of them, what are you waiting for? Hop to it.
If you are not, you could still be missing out on a host of government payments, repayments and/or grants and, in times as tight as these, why wouldn’t you apply? Here are a few well worth investigating:
Apply for a rates rebate
If you are a residential ratepayer on a low income, you could be eligible for a rates rebate of up to $700.
Applications for the rebate are assessed against criteria set by the Government. Depending on the size of your rates bill and number of dependants, you could still qualify even if you are earning more.
Claim what you are owed
Inland Revenue has about $261 million in unclaimed money waiting to be returned to its rightful owners.
Unclaimed money is money that is held by the likes of trusts, former employers, government departments and banks, because the owner can’t be found. Amounts of more than $100 are passed on to Inland Revenue and the current average unclaimed amount is about $900. Check the IR unclaimed money database.
Capitalise on your KiwiSaver contributions
If you put $1043 of your own money into your KiwiSaver account in the year between July 1 and June 30, the Government will boost your balance by another $521.
That is a return of 50% without any extra effort if deductions are made automatically from your salary or wages. Even if you are earning minimum wage, the default rate of 3% for a KiwiSaver contribution will put you over the $1043 threshold. Just make sure you are signed up.
And if you contribute less than the full $1043, you will still qualify for a credit, worked out at 50c for every $1 you did squirrel away.
Warm up your home for (next to) nothing
Eligible homeowners can get a grant to cover 80% of the cost of ceiling and underfloor insulation through the Warmer Kiwi Homes scheme.
According to Refresh Renovations, installing ceiling and underfloor insulation in an average threebedroom house costs $2500 to $4500, depending on the grade of insulation used. Eighty per cent of $4500 is a not insignificant $3600.
Grants of up to 80% are also available for approved heat pumps and efficient wood or pellet burners, but they are capped at $3000, including GST.
The main criterion for a grant is that you (the owner) have a Community Services Card or live in an area identified as low-income.
Check your address on the Energy Efficiency and Conservation Authority (EECA) website.
Bank that baby bonus
One of the less-talked-about Working for Families payments is Best Start, a weekly payment of $65 for families with a new baby.
Families that qualify can receive the payment until their baby is 1 year old, no matter how much they earn. However, it won’t be paid while the family is receiving paid parental leave.
After the first year, families earning less than $93,858 a year can continue to receive payments until their child turns 3 but the amount will depend on the family income.