The New Year is prime time for taking a look at the household budget.
But as you plot out how to negotiate the year ahead, it’s worth noting there are a few new things you may need to factor in (or should that be factor out?) this time around.
They relate to your family benefits.
Extensive changes to these and several Centrelink payments have been announced since the belt-tightening 2016 federal budget that will directly impact millions of Australian households.
Here are some of the most crucial.
You won’t get a Schoolkids’ Bonus.
Previously, families received $430 for each child in primary school and $856 for each child in secondary school, which was automatically deposited in two instalments – one in January and one in July.
But there will be no such payments coming this month.
The scheme, designed to help families cover costs associated with their child’s education (eg. school fees, stationary, books and uniforms) was scrapped last year.
You may no longer receive a Family Tax Benefit supplement.
As of this financial year, only families with a combined income of less than $80,000 will be eligible for the FTB Part A supplement.
This will mean plenty of families will lose out on the lump-sum payment of up to $726 per child come tax time.