Australia’s Family Tax Benefit (FTB) is a key support measure aimed at assisting families with the cost of raising children. Available in two parts, Part A and Part B, this benefit provides financial assistance to eligible Australian families. In 2024, the Family Tax Benefit continues to be an essential support mechanism for Australian parents, with updated payout amounts and eligibility requirements. This article outlines the latest updates, including payment dates, eligibility criteria, and how much you can expect to receive.

Overview of Family Tax Benefit

The Family Tax Benefit is designed to help families cover the costs associated with raising children, particularly for those with low to medium incomes. It is divided into two components: Part A and Part B.

Family Tax Benefit Part A

FTB Part A is a means-tested payment based on the family’s income and the number of dependent children in the household. The benefit amount varies depending on the family’s annual income and the number of children under the age of 21.

For 2024, the maximum rates for FTB Part A are:

Eligibility for FTB Part A depends on several factors, including:

• The child must be under 21 years of age and in your care.
• The family’s combined income must meet certain thresholds. For example, for families with one child, the family income must not exceed $56,137 (for the 2024-2025 year).
• Families must also meet residency requirements.

Family Tax Benefit Part B

FTB Part B provides additional assistance to families with a single income or those with one parent staying home to care for young children. It is generally paid to families where one parent earns less than a certain amount, and it is typically provided when there is a child aged under 13 in the family.

The maximum payment for Part B in 2024 is:

Eligibility for FTB Part B includes:

• The child must be aged under 13.
• The family must meet the income thresholds. For example, for families with one parent earning income, the maximum annual income for eligibility is $100,000.
• The parent must be the primary caregiver for the child.

How to Apply for Family Tax Benefit

To apply for FTB, families need to:

1. Create a MyGov account and link it to the Australian Taxation Office (ATO) or Centrelink.
2. Submit a claim through the MyGov portal for both Part A and Part B (if eligible).
3. Ensure that the income tax return is lodged, as this is used to calculate eligibility for the benefit.

Applications for Family Tax Benefit are generally processed automatically after lodging your tax return, but some families may be required to submit additional forms or documents for verification.

Payment Dates for 2024

Family Tax Benefit payments are typically made every fortnight, but there may be delays or adjustments based on income and other factors. The exact payment dates for 2024 are as follows:

Note: Payments may vary depending on individual circumstances.

How Much Will You Receive?

The amount you receive from Family Tax Benefit depends on your combined family income, the number of children, and whether you qualify for Part A or Part B.

For example, a family of three with one child under 13 could receive up to $556.35 per fortnight under Part A and $163.56 per fortnight under Part B, totaling $719.91. Families earning less may receive the full rate of the benefit, while those earning higher amounts may see a reduction.

Frequently Asked Questions (FAQs)

1. What is the difference between Family Tax Benefit Part A and Part B?
Part A is for families with children under 21 and is based on income and family size. Part B is for families with one income or a primary caregiver staying at home, and it applies mainly to families with children under 13.

2. How do I know if I am eligible for the Family Tax Benefit?
Eligibility depends on several factors, including your income, the number and age of your children, and whether you meet the residency requirements. You can use the online tools available through the ATO or Centrelink to check your eligibility.

3. When will I receive my Family Tax Benefit payments?
Payments are made every fortnight, with specific dates throughout the year. The payment dates for 2024 are shown above.

4. Can I apply for both Part A and Part B?
Yes, eligible families may qualify for both parts of the benefit, provided they meet the criteria for each.

Conclusion

The Family Tax Benefit in 2024 continues to support Australian families by helping them cover the costs of raising children. With updated eligibility thresholds and payment amounts, families can rely on this assistance to ease financial pressures. Be sure to check your eligibility and apply through MyGov to ensure you receive the maximum benefit available.