Check the crucial information on the Australia Family Tax Benefit 2024- Part A, Part B. This report discusses the Family Tax Benefit, Payment Dates, and the eligibility criteria. The program is beneficial as it helps the citizens to nurture their children. The Family Tax Benefits gives financial support that is transferred to the beneficiaries as a one-time payment or in multiple instalments. Such governmental schemes assist the citizens in meeting their eligibility by offering better facilities to them.
Australia Family Tax Benefit 2024
The Family Tax Benefit is a financial aid launched by the Federal Government of Australia. Under the plan, funds are supported by the authorities in two parts and help in the effective upbringing of children. These benefits are provided in two parts: Part A and Part B.
Under Part A, payments are offered as per the requirements of the family, and the number of dependent children. Part B payment can be accessed by the parents who are looking after the child alone or when both partners are dependent on a single income source. One can register for the benefits before three months of the child’s birth or as soon as a person decides to adopt a child.
Overview Table on Australia Family Tax Benefit 2024
|Australia Family Tax Benefit 2024
|Federal Government of Australia
|Department of Social Services
Family Tax Benefit Part A
Considering the financial situation of the family and the AFNI, under this family tax benefits are supplied to every child. The benefits can be claimed only if an individual taking care of a child aged less than 15 years. If the age of the child lies between 16-19, then the government’s study requirements should be obeyed. The amount received under the plan can be variable depending on the family income and the child’s age. However, a base amount has been fixed by the officials for every child falling for the plan. The base fortnight amount is AUD 58.66 for every child, while the annual payment of $2255 can be received.
This is to notify you that the base payment provided annually comprises the Part A support, which is set to be $726.35 for each child. This financial aid is transferred to eligible families whose ANFI threshold is less than $80000.
Family Tax Benefit Part B
This is an alternative part of the Family Tax Benefit. Benefits can be accessed either under Part A or Part B or both of them. Under Part B, additional financial assistance is offered to single guardians, married couples (from which one is earning), or an individual who hasn’t given birth to that child but has taken him/her under their care.
If the person applying for the assistance under the plans is already eligible to access the Paid Parental Leaves, in that particular case, the person should not be eligible to access the benefit payment.
The payment under Family Tax Benefit Part B should not be similar for every beneficiary and will rely on the youngest child’s age under the care. The maximum payment of $162.54 can be accessed within every fourteen days if the age of the youngest child lies between 0 to 5. The benefit amount of $113.54 can be availed to the carers if the age of the child lies between 5 to 18 years.
Family Tax Benefit Australia: Eligibility
Make sure you meet all eligibility requirements before completing the Family Tax Benefit application. The following is a list of requirements for both sections’ eligibility.
- The beneficiary must be responsible for taking care of a child aged 0 to 15. If the age of the child lies between 16 to 19, they must be indulged in educational programs.
- The recipient must be a permanent resident of Australia.
- The annual income of the beneficiary must be equal to $100,000 or below.
- The child must be in the care of that parent for a minimum of 35% of the time.
In the case of Part B, some particular qualifying criteria in addition to Part A is considered like:
- The candidate must be a parent, grandparent, or married couple (from which only one parent is an earner).
- In the case of a single caretaker, the child’s age should not exceed fifteen years of age.
- If you are a couple and taking care of a child, the offspring under nurturing must not exceed the age of thirteen years in order to access the benefit.
It is important to make sure that the calculated income when an individual is applying must not be underestimated. Also, it is crucial to be conscious about updating any modifications in the income so that benefit records can be updated by the authorities. If an individual fails to meet the eligibility and ignores the crucial points then the scenarios may conclude in creating debt from Centrelink, and the burden of this debt might be equal to taking tax debt.