A pension concession card holder will receive a discount of 50% on their rates, up to $675 a year, and a 50% discount on the fire & emergency services levy which is another $65 a year.
That’s a total of $740 in cash savings every year.
Concession card holders also have the option of deferring their rates. Interest is charged which for the last 12 months was 5.28%. That’s a pretty low rate when compared to other options like reverse mortgages and could be good for those who have good equity in their homes but are low on cashflow.
The savings on your power bill amount to $426 a year in the 2014-15 financial year. This rebate does vary depending on the time of year, there’s a bigger subsidy during the colder months so if you’re only eligible for a part year it will depend on which months of the year you were claiming as to how much you’re receiving.
You can also pick up another $343 each year in sewerage concessions and a $725 a year water rebate.
So those utility bill savings can add up to $1,494 every year – a pretty big saving in retirement. http://www.assistance.act.gov.au.
