The Australian government has announced an increase in Centrelink Family Tax Benefits for 2024, providing much-needed financial support to families across the nation. These changes aim to help families cope with rising living costs and ensure children receive the care and resources they need to thrive. In this article, we’ll explore the new payment rates, eligibility criteria, and other essential details to help you understand how these updates may impact your family.
What is the Family Tax Benefit?
The Family Tax Benefit (FTB) is a government program designed to assist families with the cost of raising children. It is divided into two parts:
- FTB Part A: Provides financial support for each eligible child based on family income and the age of the child.
- FTB Part B: Offers additional assistance to single parents or families with one main income earner.
These payments are made fortnightly or as a lump sum at the end of the financial year, depending on your preference.
New Payment Rates for 2024
The 2024 updates to the Family Tax Benefit include increases to both Part A and Part B payments. Here’s a breakdown of the new rates:
FTB Part A
- Base Rate: $71.26 per fortnight for each child.
- Maximum Rate:
- $222.04 per fortnight for children aged 0–12 years.
- $288.82 per fortnight for children aged 13–15 years.
- $288.82 per fortnight for children aged 16–19 years who meet study requirements.
Additionally, families may receive the FTB Part A Supplement, which is a yearly payment of up to $916.15 per eligible child. This supplement is paid after the end of the financial year once your payments are balanced.
FTB Part B
- Maximum Rate:
- $177.94 per fortnight for families with a child under 5 years old.
- $124.38 per fortnight for families with a child aged 5–18 years.
These rates are subject to income tests and other eligibility criteria.
Eligibility Criteria
To qualify for the Family Tax Benefit, families must meet specific requirements. Here’s what you need to know:
FTB Part A Eligibility
- Income Test: Payments are reduced if your family’s adjusted taxable income exceeds $58,108 per year. Families earning above $105,806 may not qualify for Part A.
- Child’s Age: Payments are available for children aged 0–19 years, provided they meet study or care requirements.
- Immunisation: Children must meet immunisation requirements to receive full benefits.
FTB Part B Eligibility
- Income Test: Single parents can earn up to $100,000 per year and still qualify. For two-parent families, the secondary earner’s income must be below $28,671 per year.
- Child’s Age: Payments are available for children under 18 years old.
How to Apply
Applying for the Family Tax Benefit is straightforward. Here’s a step-by-step guide:
- Create a MyGov Account: Link your account to Centrelink to access online services.
- Submit Your Application: Provide details about your family’s income, children’s ages, and care arrangements.
- Provide Supporting Documents: Include proof of income, residency, and immunisation records.
- Choose Your Payment Method: Decide whether you want fortnightly payments or a lump sum at the end of the financial year.
Payment Dates
Family Tax Benefit payments are made fortnightly, typically on a Tuesday or Wednesday. If you opt for a lump sum, you’ll receive it after the end of the financial year once your payments are balanced.
Additional Support for Families
In addition to the Family Tax Benefit, Centrelink offers other forms of assistance for families, including:
- Child Care Subsidy: Helps cover the cost of childcare for working parents.
- Parenting Payment: Provides financial support to parents of young children.
- Rent Assistance: Offers additional payments to families renting their homes.
Tips to Maximise Your Benefits
- Keep Your Income Estimate Updated: Ensure your family income estimate is accurate to avoid overpayments or underpayments.
- Meet Immunisation Requirements: Stay on top of your child’s immunisation schedule to receive full benefits.
- Review Your Payment Options: Consider whether fortnightly payments or a lump sum better suits your financial needs.
- Explore Additional Support: Check if you qualify for other Centrelink payments, such as Rent Assistance or the Child Care Subsidy.
Impact of the 2024 Increase
The 2024 increase in Family Tax Benefit payments is expected to provide significant relief to families struggling with rising living costs. By boosting payment rates and adjusting income thresholds, the government aims to ensure more families can access financial support.
Conclusion
The Centrelink Family Tax Benefit increase for 2024 is a welcome change for Australian families. With higher payment rates and updated eligibility criteria, families can better manage the costs of raising children. Whether you’re already receiving FTB or considering applying for the first time, understanding these updates will help you make the most of the benefits available to you.
Start planning today to ensure your family receives the support it deserves!
F&Q
1. What is the new maximum Family Tax Benefit Part A payment in 2024?
Up to $288.82 per fortnight per child, depending on age and eligibility.
2. Who is eligible for FTB Part B?
Single parents or two-parent families where one earns less than $28,671 annually.
3. How often are Family Tax Benefit payments made?
Fortnightly, or as a lump sum after the financial year ends.
4. What income affects Family Tax Benefit eligibility?
FTB Part A reduces above $58,108; Part B limits depend on your family situation.
5. How can I apply for Family Tax Benefits?
Apply online via MyGov, link to Centrelink, and submit the required documents.