The Family Tax Benefit (FTB) is an essential financial aid program in Australia designed to support families with the cost of raising children. For 2024, the FTB continues to be offered in two parts: Part A and Part B. Both parts provide valuable assistance to eligible families, but the criteria for each and the payment amounts vary. Understanding your eligibility and how to apply for these benefits is crucial to maximizing the support you can receive. Let’s break down the details of FTB Parts A and B, including how they work and who qualifies for them.
What is the Family Tax Benefit?
The Family Tax Benefit is a government program that provides payments to families with dependent children under 19 years old. It is designed to help with the costs of raising children and is divided into two components:
- FTB Part A: Aimed at families based on the number of children they have, their age, and their household income.
- FTB Part B: Provides extra support for single-parent families or families where one parent earns significantly less than the other.
FTB Part A: Eligibility and Payment Amounts for 2024
FTB Part A is available to all families with children under 19 years old, and the amount you receive depends on factors like the number of children, their ages, and your family’s combined income.
- Eligibility: To be eligible for FTB Part A, you must meet certain residency and income requirements. Australian citizens, permanent residents, and some temporary residents can qualify. The payment you receive will depend on your household’s income and the number and ages of your children. Payments are generally higher for lower-income families and can be made either fortnightly or annually.
- Payment Amounts: In 2024, the maximum payment for FTB Part A can be up to $188.57 per fortnight for a family with one child under 13 years old. The payment amount increases for families with multiple children or older children aged 13 to 19 years. Families with higher incomes may receive a reduced payment.
FTB Part B: Eligibility and Payment Amounts for 2024
FTB Part B is designed to provide extra financial support to single-parent families or families where one parent is the main income earner. Part B is available to families with one child under 5 years of age, or for families with children aged between 5 and 18, where one parent earns significantly less than the other.
- Eligibility: You may qualify for FTB Part B if you’re a single parent or if you’re in a couple where one parent is the primary breadwinner. The higher-earning parent’s income must fall below a certain threshold, which changes annually.
- Payment Amounts: The maximum payment for FTB Part B in 2024 can be up to $163.40 per fortnight for families with one child under 5 years old. If you have older children, the payment decreases accordingly. Part B payments will also be affected by the higher-earning parent’s income.
How to Apply for the Family Tax Benefit in 2024
You can apply for FTB Parts A and B through the Australian Government’s Services Australia website. If you are already receiving Centrelink payments, you may automatically be assessed for eligibility for FTB, but it’s important to confirm that you meet the updated criteria for 2024.
- Online Application: Apply through your myGov account linked to Services Australia. You’ll need to provide details about your family’s income, residency status, and other relevant information.
- When to Apply: You can apply for FTB after your child is born, or whenever there is a change in your family circumstances, such as a change in income, family structure, or after the child reaches a certain age. Be sure to apply promptly to ensure timely payments.
Key Changes to FTB for 2024
While the core structure of the Family Tax Benefit remains largely the same, there are some important updates for 2024:
- Adjusted Income Thresholds: The income thresholds for both Part A and Part B have been revised to account for inflation and changes in the cost of living. This may result in higher payments for families with lower incomes and reduced payments for those with higher incomes.
- Payment Flexibility: The government continues to offer flexibility in how payments are made. Families can choose to receive payments either fortnightly or as a lump sum at the end of the year. This allows families to better manage their finances and plan accordingly.
FAQs
1. How do I know if I’m eligible for Family Tax Benefit?
Eligibility depends on your family’s income, your residency status, and the ages of your children. If you’re an Australian citizen or permanent resident and have children under 19, you may qualify for FTB, with payments adjusted based on your income.
2. How much will I receive in FTB payments?
The amount you receive depends on your family’s income, the number and ages of your children, and whether you’re eligible for Part A, Part B, or both. In 2024, FTB Part A can provide up to $188.57 per fortnight for families with children under 13, and FTB Part B can provide up to $163.40 per fortnight for families with children under 5.
3. Can I apply for both FTB Part A and Part B?
Yes, you can apply for both parts of the Family Tax Benefit if you meet the eligibility criteria for each. Part A is available to all families based on income and children, while Part B is specifically for single-parent families or families where one parent has a much lower income.
4. When should I apply for Family Tax Benefit?
You should apply as soon as possible after a change in your family situation, such as the birth of a child, a change in income, or changes in your relationship status. You can apply anytime through your myGov account linked to Services Australia.
