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Families Urged to Confirm Income with Centrelink to Avoid Missing Out on Payments
Hank Jongen, the general manager of Services Australia, has issued an important reminder for Australian families receiving financial support from Centrelink: it’s crucial to verify your income for the 2023-24 financial year.
A staggering number of families, including over 170,000 receiving the Family Tax Benefit (FTB) and approximately 240,000 accessing the Child Care Subsidy (CCS), may be leaving significant money unclaimed simply by not confirming their incomes. By failing to take this step before the deadline of June 30, families risk missing out on potential top-up payments or arrears they may be entitled to.
Whether you are benefiting from FTB, CCS, or both, the directive remains consistent: confirm your income to ensure you receive all eligible payments.
Risks of Not Confirming Income
Despite Services Australia sending out notifications urging families to act, many have yet to respond. It’s vital to understand the implications of not confirming your income:
- You may be required to repay some or all of the FTB received in the financial year 2023-24.
- Additional top-ups, arrears, or supplementary payments could be forfeited.
- If you intend to lodge a lump sum claim, missing the June 30 deadline will render it impossible.
Furthermore, any failure to confirm your income could lead to the suspension of CCS payments, ultimately resulting in you needing to cover the full cost of childcare fees.
How to Confirm Your Family Income
To confirm your income for the 2023-24 financial year, both you and your partner (if applicable) must file your tax returns with the Australian Taxation Office (ATO). For those not required to lodge a tax return, verification can be achieved by notifying Services Australia directly. This can be done through the myGov platform or the Express Plus Centrelink mobile application.
If you are using the app, navigate to the "More" section from the home screen and select "Advise" followed by "Tax non-lodgement." If you are uncertain about your obligation to lodge a tax return, you can contact Services Australia’s Families line for guidance.
The Importance of Income Balancing
Services Australia conducts an annual review of families’ estimated incomes against their actual incomes at the close of the financial year, a process known as balancing. It’s worth noting that many families tend to overestimate their income, which can lead to beneficial top-up payments when actual figures are provided. For further details on income balancing, families can visit Services Australia’s website.
Call to Action
Don’t let your family leave money unattended that rightfully belongs to you. Confirm your income to ensure you maximise your benefits and mitigate any unexpected repayments or reductions in support.
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This summarised article highlights the critical need for families receiving Australian financial support to confirm their incomes with Centrelink, as failing to do so could lead to significant financial losses.
