The Family Tax Benefit Supplement is a payment made by the Australian government to eligible families in 2024. It is part of the Family Tax Benefit (FTB) program, which provides financial assistance to families with dependent children.
Family Tax Benefit Supplement 2024
The Family Tax Benefit (FTB) is a vital support system for Australian families with children. It comprises two parts: Part A for families with children aged 0 to 18, and Part B for single parents with children aged 16 to 18 (or students aged 16 to 24).
To further assist families, the FTB offers supplements paid at the end of the financial year (FY) after Centrelink reconciles your entitlements. To be eligible for the Family Tax Benefit Supplement in 2024, families must meet certain criteria.
Like having a dependent child under the age of 16, or a dependent child aged 16-19 who is a full-time secondary student. The amount of the supplement depends on the family’s circumstances, such as their income and the number of children they have.
Eligibility for the Family Tax Benefit Supplement (2024)
To be eligible to receive family tax benefit supplement, you must meet the following criteria:
- You must have been receiving FTB Part A payments for the child(ren) throughout the 2023-24 financial year.
- Alternatively, for single parents or grandparent carers, you must have been receiving FTB Part B during the same period.
- You must have met the income and residency requirements for FTB throughout the year.
- You (and your partner, if applicable) must lodge a tax return for the 2023-24 FY or notify Centrelink that you are not required to lodge one.
- The supplement amount is typically based on the number of children in your care who are eligible for FTB.
- If you share care of any children, the supplement amount might be adjusted based on the percentage of care you provide.
- FTB Part A Entitlement Days: The number of days you were eligible for FTB Part A during the financial year can influence the supplement amount for Part A.
Family Tax Benefit Supplement Payment Rates 2024
There are actually two main types of Family Tax Benefit Supplements:
FTB Part A Supplement:
- This supplement applies to families who receive FTB Part A payments for their children. It’s a once-yearly payment made for each eligible child in the family.
FTB Part B Supplement:
- This supplement applies to families who receive FTB Part B payments. These are typically single parent families or couple families with one main income earner. Similar to Part A, it’s a yearly payment made for each eligible family.
- Both supplements are paid after the end of the financial year (FY), typically in the months following June 30th.
- The supplements are income-tested. This means the amount you receive depends on your family’s total income for the FY. As your income increases, the supplement amount may decrease or even be eliminated.
- There are maximum supplement amounts set by the government for each type. These are:
- FTB Part A Supplement: Maximum of $916.15 per eligible child (FY 2023-24).
- FTB Part B Supplement: Maximum of $448.95 per family (FY 2023-24).
- The actual supplement amount you receive will be less than the maximum and will be determined by Centrelink after assessing your individual circumstances for the entire FY.
- The FTB Supplement may be used to offset any outstanding debts you have with Centrelink or the ATO related to FTB or CCS.
How to claim the Family Tax Benefit Supplement Payment 2024
The Family Tax Benefit Supplement (FTB Supplement) isn’t directly deposited upon request. The payment process involves:
Timing:
- The FTB Supplement is paid automatically by Centrelink after they finalise your FTB entitlements for the entire financial year (FY). This typically happens in the months following June 30th.
Process:
- Centrelink Reconciliation: After the FY ends, Centrelink assesses your total FTB payments for the year and compares it to your income and other relevant details.
- Supplement Calculation: Based on the reconciliation, Centrelink calculates any potential FTB Supplement amount you may be eligible for (considering factors like number of children and income).
- Automatic Payment: If you’re due a supplement, Centrelink automatically deposits the funds into your nominated bank account you have on file.
What You Can Do:
While you can’t directly trigger the payment, here’s how to ensure a smooth process:
- Lodge Tax Return: You need to lodge your tax return for the FY. This allows Centrelink to assess your income and finalise your FTB entitlement. You can lodge your tax return online through the Australian Taxation Office (ATO) website (https://www.ato.gov.au/).
- Update Centrelink Details (optional): Ensure your contact and bank details are current on your Centrelink online account (https://my.gov.au/) to receive the payment promptly.
- Monitor Centrelink Communications: Keep an eye on your Centrelink account or mailbox for updates on your FTB entitlement and potential supplement amount.