Having a child can easily be one of the most joyous and simultaneously exhausting and stressful times of your life, especially financially. So it’s important to make sure you are aware what support is available to you – after all, you’re going to need all the help you can get!
It’s no secret that navigating Centrelink Payments, especially on minimal sleep, is no easy task. So to help we have put together a quick guide to what you need to know about Family Tax Benefit.
What is Family Tax Benefit?
Family Tax Benefit is a fortnightly or annual payment made to eligible low and middle income families to help with the cost of raising kids. Family Tax Benefit is made up of several components:
FTB Part A is paid at a maximum base rate of $1,529.35 per child per year.
FTB Part A supplement is an additional lump sum of $751.90 per child that is paid after the end of the financial year if your family has a combined adjusted taxable income less than or equal to $80,000.
FTB Part B provides extra assistance to families with one main income earner who earns $100,000 per year or less. The maximum payment rate depends on the age of your youngest child and is $155.54 a fortnight when the youngest child is under five-years-old, and $108.64 a fortnight when the youngest child is aged five to 18 years.
FTB Part B supplement is an additional lump sum payment up to $357.70 per year is available for families who receive Family Tax Benefit Part B.
Am I eligible for Family Tax Benefit?
To be eligible for Family Tax Benefit you must be the parent or guardian of a child, be an Australian resident and have an income under a certain amount.
To assess whether you are eligible, Centrelink uses your Adjusted Taxable Income. This means that if you or your partner salary sacrifice or have an investment property these amounts are also taken into account, in addition to your salary.
To be eligible for Family Tax Benefit Part A the annual income limit depends on the number of children you have and their ages. The limit ranges from $99,536 for one child under 12, to $221,373 for three children under 19.