In this article, we will share crucial information about the Family Tax Benefit Australia- Part A, Part B, What is Family Tax Benefit and the eligibility criteria. The scheme works towards assisting the citizens in the upbringing of their children. The Family Tax Benefit provides financial either in a single lot or in separate installments. Such schemes of the government aid the citizens or others fulfilling the eligibility by providing them with better facilities and nutrition for their young ones.
Family Tax Benefit Australia
The Family Tax Benefit is a scheme launched by the Australian government. Under the plan, the government provides financial aid in two parts and provides support in the upbringing of children. It is divided into two parts: Part A and Part B.
Payment under Part A will be made based on the family’s circumstances and the no. of children you are looking after. While Part B aims at providing additional assistance to parents who are either raising the child alone or both the parents have just one source of income.
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You may apply for the benefit at least three months before the birth of the child or as soon as you decide to take a child under your care.
Family Tax Benefit Part A
Under this, the Family Tax Benefit is paid for every child after considering the circumstances of the family and the combined household income. To receive the aid, you must be looking after a child who is less than fifteen years old. If the child is between 16 and 19 years of age, they should be complying with the study requirements of the government.
The amount of aid that you shall receive under this part depends on the variations in the income of different families and the age of the child. However, the government has fixed a base amount of benefit for every child under care. The base fortnight payment is $58.66 for each child, while the annual lump sum payment is $2255.
It must be noted that this annual base amount also includes the Part A supplement, which is $726.35 for every child. This supplement amount is paid to families who have a collective annual income of less than $80000.
Family Tax Benefit Part B
This is another part of the Family Tax Benefit. You may get benefits under either any one of these parts or both of them. Under Part B, additional aid is provided to single parents, couples with a single earner or a person who isn’t the actual parent of the child under their care.
If the person applying for the benefit under this is already getting Parental Leave Pay, in that case, they shall not be entitled to receive the benefit payment.
The amount under this part shall be different for everyone and will be based on the age of the youngest child under their care. If the age of your youngest child is between 0 to 5 years of age, you shall receive a max payment of $162.54 every fourteen days. If their age is between 5 and 18 years, then the benefit amount will be a max of $113.54.
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Who is eligible to get Family Tax Benefit?
Before filling out the application for Family Tax Benefit, you must make sure that you fulfil all the eligibility criteria. The eligibility criteria for both the parts have been listed below.
- You must be the caretaker of a child aged 0 to 15 years old. If the child is between 16 to 19 years of age, they must be enrolled in an educational institute.
- The annual income of your household must either be $ 100,000 or less than this.
- You must be a permanent resident or a citizen of Australia.
- The child must be in your care for at least thirty-five percent of the time.
In case of Part B there are specific additional eligibility criteria like:
- You must be a parent, grandparent, couple with a single earner or a non-parent.
- If you are a single caretaker, the age of the child must not be more than fifteen.
- If you are a couple caretaker, the child under your care must be below the age of thirteen years.
You must ensure that the income that you calculate at the time of applying must not be underestimated. Also, any changes in the income must be updated in the benefit records. A failure in doing so shall result in a debt from Centrelink, which would be equivalent to a tax debt.