The latest Federal Budget contained a range of measures aimed at helping low-income earners, families, retirees, and concession card holders.
They included one-off cash payments, tax offsets, and extensions to previously announced concessions that were due to expire at the end of June.
And they added to the long list of government concessions that are available to individuals in each Australian state and territory.
Here's some key financial highlights from the latest Budget.
Cost of Living Tax Offset and Low and Middle Income Tax Offset
The cost of living tax offset will increase the existing low and middle income tax offset by $420 for the 2021-22 financial year, increasing the maximum non-refundable annual tax offset from $1,080 to $1,500.
The tax offset amount available is tiered, based on individual taxable income levels, and available to anyone earning up to $126,000 per annum.
The offset will not be incorporated into the Pay As You Go Withholding tables, and instead can be claimed on lodgement of 2022 income tax returns.
Cost of Living Payment
A one-off tax-exempt cash payment of $250 will be provided in April to eligible pensioners, welfare recipients, veterans and concession card holders to help meet cost of living pressures.
Superannuation Minimum Pension Drawdown Rate
The current 50 per cent temporary reduction in the minimum annual pension drawdown rate has been extended for a further year to 30 June 2023. The minimum drawdown is determined by age and the value of the account-based pension as at the start of each financial year.
Deeming Rates
The extended reduction in drawdown rates for retirees complements previously announced measures to reduce the deeming rate on income earned by retirees from financial assets.
The deeming rate assumes retiree assets earn a set rate of income, no matter what they really earn. Deemed income from assets is used to assess entitlements to the Age Pension under the income test.
For singles, the first $53,600 of your financial assets has the deemed rate of 0.25 per cent applied. Anything over $53,600 is deemed to earn 2.25 per cent.
For couples, the first $89,000 of your combined financial assets has the deemed rate of 0.25 per cent applied. Anything over $89,000 is deemed to earn 2.25 per cent.
Recent Pension Rate Changes
The announced Federal Budget measures for retirees follow closely on an increase in Age Pension payment rates from 20 March.
The single full Age Pension rate increased by $20.10 per fortnight on 20 March to $987.60, while the combined full Age Pension rate for couples rose by $60.40 per fortnight to $1,488.80.
Where to look
A key problem for many of us is knowing exactly what we may be entitled to receive, if anything. So, it's useful to know where to look.
In terms of the latest Federal Budget, the primary source to view all announcements and Budget papers is the official government Budget 2022-23 website.
The website also contains the Federal Treasurer's speech to Parliament and ministerial media releases.
Separate from the Budget website, the Australian Government's central website (Australia.gov.au) contains a detailed section covering all benefits and payments available through departments including Centrelink.
It includes links related to government concessions specifically available in states and territories.