Parents Urged to Report Income for Family Tax Benefit Before Deadline
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Services Australia has issued an important reminder to parents who received the Family Tax Benefit (FTB) during the last financial year: reports of your income must be submitted by June 30 to ensure you receive the correct amount. This notice serves as a call to action for families to prepare their financial documentation ahead of the deadline.
Submitting your income details to Centrelink can lead to additional financial benefits and supplements. However, neglecting to report your income might result in missing out on crucial support or potentially incurring debts that require repayment.
“Don’t miss out,” cautioned Services Australia. Failure to confirm your family income could mean forgoing necessary top-ups and supplements. Moreover, without proper reporting, families may end up with an outstanding debt, necessitating repayments for any over-received benefits throughout the financial year.
The Family Tax Benefit is designed to aid families, providing a monetary payment for each eligible child. The benefit amount relies on various factors, including your adjusted taxable income, the income test, the age of your child, and the number of dependent children you have. The basic rate for FTB Part A is $71.26 per child each fortnight, while maximum payments can reach up to $288.82 biweekly, based on the child’s age. There is also an option to receive the FTB as a lump sum.
Payments are distributed from the beginning to the end of the financial year, and just prior to your final transaction, Services Australia will "balance" your account. This balancing act ensures that the FTB and any Child Care Subsidy are correctly calculated and administered.
Ensuring your income is submitted before June 30 will facilitate the adequate accounting needed for this balance. This process allows for the possible receipt of top-ups or supplements should there be discrepancies in the reported figures.
There are two primary methods through which parents can report their income to Services Australia:
- The Australian Taxation Office (ATO) automatically shares your income details with Centrelink, which utilises this information for balancing your Family Tax Benefit.
- Note that the ATO’s extension of tax return lodgement timings does not affect the June 30 deadline for reporting income connected to the FTB.
Importantly, if you share your financial responsibility with a partner, they will also need to report their income for the financial year 2023-24 if they were part of your household during that time.
For further inquiries, and to share your experiences, you can email stew.perrie@yahooinc.com. It is crucial for families to take these steps and secure the benefits they’re entitled to, reinforcing the importance of timely financial reporting.
