Family Tax Benefit Increase 2024 – Know What This Means for You?

The Family Tax Benefit (FTB) is a critical financial assistance program provided by the Australian government to support families with the costs of raising children. This program is split into two parts, Family Tax Benefit Part A and Family Tax Benefit Part B, which are designed to provide targeted financial relief based on family circumstances, income levels, and other factors. The Family Tax Benefit Increase 2024 introduces significant changes that aim to offer greater support to Australian families.

What Are the New Changes in Family Tax Benefit Increase 2024?

The Family Tax Benefit Increase for 2024 brings several notable adjustments aimed at enhancing the financial support available to families. These changes include updates to payment rates, eligibility criteria, and additional supplements that can benefit a wide range of families across Australia. The increase is intended to address the rising cost of living and ensure that families have the necessary resources to provide for their children.

• Alterations to the Base Child Tax Credit: The base rate for the Family Tax Benefit Increase 2024 has been adjusted to account for inflation and the increased costs associated with raising children.
• Dependent Tax Credit: New provisions have been introduced to provide additional support for families with dependent children, ensuring they receive the necessary financial aid to cover educational and everyday expenses.
• Income Thresholds: Income thresholds for eligibility have been revised to make the benefits accessible to more families, particularly those in the middle-income bracket, ensuring broader coverage and support under the Australian Family Tax Benefit.
• Supplements for Newborns and Multiple Births: Families welcoming new children or experiencing multiple births are eligible for additional supplements, providing extra financial support during critical early years.

How to Claim Your Family Tax Benefit Payment?

Claiming your Family Tax Benefit payment is a straightforward process, but it requires attention to detail to ensure you receive the correct amount. Here are the steps you need to follow to understand How to Claim Family Tax Benefit:

1. Check Eligibility: Before starting the application process, verify that you meet the Family Tax Benefit eligibility criteria.
2. Gather Required Documents: Collect necessary documents such as proof of identity, income statements, and details about your dependents. These will be needed to complete your application accurately.
3. Log into MyGov: Access your MyGov account, which is linked to Centrelink. If you do not have an account, you will need to create one.
4. Submit Your Application: Fill out the application form for the Family Tax Benefit on the Centrelink website, providing all required information and supporting documents.
5. Review Your Details: Double-check the information you have provided to ensure there are no errors that could delay your application.
6. Await Assessment: Once submitted, your application will be assessed by Centrelink. You will receive a notification regarding the outcome and the amount of benefit you are entitled to under the FTB Increase 2024.
7. Receive Payment: If approved, your Family Tax Benefit will be paid directly into your nominated bank account. Ensure that your bank details are up-to-date to avoid any payment issues.

Eligibility Criteria to Avail the Family Tax Benefit Increase 2024

Only eligible beneficiaries who meet these criteria can avail of the new increase. The eligibility criteria for the Family Tax Benefit Increase 2024 include the following points:

• Residency Requirement: The applicant must be an Australian resident or hold an appropriate visa to qualify for the Australian Family Tax Benefit.
• Income Limits: The family’s combined income must fall within the specified income thresholds, which have been updated for 2024 to accommodate more families.
• Dependent Children: Families must have at least one dependent child under the age of 19 who is either attending school or meeting other educational requirements.
• Age of Children: For Family Tax Benefit Part A, children must be aged between 0 to 19 years, while for Family Tax Benefit Part B, the youngest child must be under 18 years of age.
• Schooling Requirements: Children aged 16 to 19 must meet study requirements to qualify for continued financial assistance under Family Tax Benefit Part A.
• Shared Care Situations: In cases of shared custody, the percentage of care provided by each parent affects eligibility and payment rates, requiring documentation to confirm care arrangements.

What is Part A & Part B in Family Tax Benefit?

The Family Tax Benefit is divided into Family Tax Benefit Part A and Family Tax Benefit Part B, each offering distinct support based on family dynamics. Part A is aimed at providing per-child payments, while Part B is designed to support families with one primary income earner or single parents. This division ensures targeted financial assistance that meets specific family needs.

When Benefits Under Parts A and B Will Increase in Amount

FTB Part A

• Who Gets It?: Paid per child and varies based on the family’s circumstances.
• Maximum Rates:
  • $213.36 per fortnight for children aged 0 to 12 years.
  • $277.48 per fortnight for children aged 13 to 15 years.
  • $277.48 per fortnight for children aged 16 to 19 years (if they meet study requirements).
• Additional Supplements: Families may also receive additional benefits like newborn supplements, energy supplements, and multiple birth allowance as part of the FTB Increase 2024.

FTB Part B

• Who Gets It?: Paid per family and offers extra help to single-parent families and families with one main income.
• Maximum Rates:
  • $181.44 per fortnight for the youngest child aged 0 to 4 years.
  • $126.56 per fortnight for the youngest child aged 5 to 18 years.

Frequently Asked Questions (FAQs)