Increase to Family Tax Benefit a Boost for families
Around 2 million families will benefit from an increase of 3.1 per cent for the Family Tax Benefit from 1 July this year to help them meet the cost of raising their children.
For example, this increase will give a family with two children under 13 and taxable income of $30,000 an extra $240 each year in assistance.
The maximum rate of Family Tax Benefit Part A will increase by $3.78 per fortnight bringing the fortnightly payment to $126.70 ($3,303.25 per year) for a child under 13.
Families with children aged from 13 to 15 years will have their payment increased by $4.90 per fortnight bringing the fortnightly payment to $160.72 ($4,190.20) per year.
The amount of income a family can earn before it affects their Part A payment will also increase by $949 per year to $30,806 and the level where payment stops will be $83,184 for a family with one child under 13.
Families with one main income earner will also benefit from increases to the rate and income threshold of Family Tax Benefit Part B.
The Family Tax Benefit is paid for dependent children who are not getting Youth Allowance or similar payments like ABSTUDY or Veterans’ Children Education Supplement and are aged up to 20 years or are dependent full-time students up to the age of 24 years.
The introduction of the Family Tax Benefit in July 2000 put an extra $2 billion into the pockets of Australian families.
Families can contact the Family Assistance Office by visiting their nearest Centrelink, Medicare office, ATO or by phoning 13 6150 weekdays, 8am to 8pm (local time).