Check the important details about the Family Tax Benefit Supplement 2024: Benefits Increase, Amount, Payment Date, News here. The family tax benefit is a payment made to help eligible families with the cost of raising children. Read the article to know more about the Family Tax Benefit Supplement.
Family Tax Benefit Supplement 2024
It is not an easy task to raise the children. Especially to middle to lower-income earners. With the constant rise in the inflation of the country, these citizens are majorly affected. The government has been recognizing these circumstances and the financial strain of raising the children. To help these households, they have introduced support in the form of family tax benefits. The funding for the family tax generally is made during the start of the new fiscal year.
In Australia, the fiscal year runs from 1 July to 30th June. For the current year, the modifications have been made. The amounts of the Family Tax Benefits made looking forwards towards the overall growth of the family and the circumstances they are in. Each family receives different amounts depending upon the category of the payment.
Family Tax Benefit Supplement Increase
Family Tax Benefit is divided into two components. Part A is a payment made per child in the family, depending upon the circumstances of the family. Part B is made per family and provides extra support to single parents and a few families with one main income. The eligibility criteria for each family are different depending on their circumstances. From part A, the individuals should follow the income test and residential rules and should be taking care of the child at least 35 per cent of the time.
The Family Tax Benefit Part B is intended to provide extra support to single parents, non-parent care or grandparents taking care of their grandchildren. There are many eligibility criteria to b followed up on in order to receive these payments. If the caretakers have the share caring responsibility, the percentage and the timing of taking care would be considered. Payments would be changed if the parents are returning back to work.
Family Tax Benefit Supplement Amount
There are many situations and factors to be considered for the release of the amount of Family Tax part A. The adjusted taxable income and the income test would be considered. The age and the number of children in the household would also be considered. the maximum amount that was updated on July 1st is shared in the table below
| Per Child | Per Fortnight |
| 0 to 12 years | $213.36 |
| 13 to 15 years | $277.48 |
| 16 to 19 years | $277.48 |
| 0 to19 years children in the approved care organization | $68.46 |
The FTB part B amounts are updated in July 2024. The maximum amount that the individuals would be receiving depends upon the age of the children. The current rate for the amount received by the part b receivers is shared in the table below
| Age of Youngest Child | Payment Per Fortnight |
| 0 to 4 years of age | $181.44 |
| 5 to 18 years of age | $126.56 |
The individuals would also be considered for the supplementary payment depending upon the family income and the number of days the children are eligible for the tax benefit. If the individuals are receiving the part A benefit, they would also be considered for the supplementary amount.
These amounts are generally paid as the yearly payment. For the current fiscal year of 2024, the amount to be issued for the supplementary deposit is $879.65 for each eligible child. As part of the part B supplement, they would be receiving the amount of $430.70 per family.
Family Tax Benefit Supplement Payment Date
The date for the FTB payments is determined by balancing the family tax payment and the supplementary top-ups. The balancing date for the payment starts on the 3rd of July. The amount of the family tax benefit is generally issued in the month of July only.
The supplements are paid after the parents have filed the tax returns. The top-ups are generally released by the end of the new fiscal year. If the candidates are facing trouble claiming the amount online, they can call the Centrelink department on 136 150. they can even visit the nearest service centres and inquire about their supplement amounts.
Family Tax Benefit Supplement News
The child care subsidies are to be calcined equally along with the Family Tax benefit payments. as per the new updates in the benefit. Each individual would be revised to the supplementary top-ups of $600 for the care supplements. These are mainly for single parents who need to work or for children in daycare.
For families who are not very familiar with these tax benefit payments, the government has introduced a calculator to consider the amount and the funding of the benefit. They can use the calculator to check the amount they would be receiving.
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