Check the important details about the Family Tax Benefit 2024: What is Part A, B Lump Sum Family tax Benefit here. The Australian government extends its hand to help families cover their children’s upbringing expenditures. The scheme was introduced to provide assistance to the households. The complete details about the Family Tax Benefit are shared in this article.
Contents
Family Tax Benefit 2024
The population of Australia has vast differences between the high-income and the low to moderate-income households. There are around 21 per cent of families with high income while around 35 per cent of moderately income families. The government of Australia has implemented the family tax benefit for households who have low earnings and are facing the burden of paying taxes.
The amount is provided to the families who switch the child care or disability care candidates. The amount deposited is non-taxable, and the individuals can use them to pay out their previous debts. The family tax benefit has two components depending upon the circumstances of the candidates. The amount is delivered either as he fortnight deposit or the lump sum payment.
What is Family Tax Benefit Part A?
The family tax benefit is generally for the children who are the regular river of the child tax benefit. The amount is generally deposited by the end of the fiscal year. There is a threshold limit added for the payouts. Families with an income level of less than $80,000 are only eligible for this payment. The amount of the deposit depends upon the children’s age.
The children under full-time education gain an acceptable study loan or are 35 per cent of the time under the child care benefit. The family can decide to apply for the tax benefit 3 months before the arrival of the child. It covers all the expenditure of the child’s upbringing from diapers to schooling. The child should also meet the immunisation requirement and the healthy start for the school requirement to receive the allowance. The maximum amount that the kid will be receiving is shared in the table below.
| For each child aged |
Fortnight | Annual |
| 0 to 12 years of age | $182.84 | $5,518.80 |
| 13–15 years of age | $237.86 | $6,953.25 |
| 16–19 years of age secondary student, or exempt from requirement |
$237.86 | $6,953.25 |
| 0–19 years in an approved care organisation |
$58.66 | $1,529.35 |
The amount also depends on the number child in the household. The table below shows the amount to be deposited for each child in the family.
| Family situation |
No payment unless fortnightly rent is more than |
Maximum payment if fortnightly rent is at least |
Maximum payment per fortnight |
| Single | |||
| One or two children |
$159.04 | $371.84 | $159.60 |
| Three or more children |
$159.04 | $399.28 | $180.18 |
| Couple | |||
| One or two children |
$235.34 | $448.14 | $159.60 |
| Three or more children |
$235.34 | $475.58 | $180.18 |
The parents should be the primary caretaker of the child. For the child under shared custody, both partners will receive an equal share of taking care of the child.
What is Family Tax Benefit Part B?
Part B of the Family tax benefit pays extra attention towards single parents, a priest with no income to the jobseeker and parents with single earners. This also covers the child under the care of related family members such as grandparents or adopted parents. The amount of the benefit depends upon the age of the younger child in the family. The amount is generally paid by the end of the financial year through the direct deposit method. The child should meet the study criteria to receive the payouts.
- If the child is above 15 years old, they should be enrolled in secondary schooling in an approved course leading towards the 12th graduation.
- Should have an acceptable study loan for further education.
If the parents receive the family tax benefit part B, they will not be eligible to receive the parental pay leave. The basic pay rates for the children in the family tax credit are shared in the table below.
| Age of the Young Child | Fortnight Payment | Annual payment |
| 0-5 years | $168.28 | $4,420.15 |
| 5 -18 years | $117.46 | $3,197.40 |
The benefit is limited to the individuals having the income limit under the limit of $100,000. The lower earner can have a minimum income of $5,621. The amount will be reduced by 5 per cent for every dollar increase above the limit.
The amount for Still Born Baby Payment is $2,199.83 for the firstborn child, while for the multiple birth, the amount for the deposit is $1,100.55.
Lump Sum Family Tax Benefit
The amount of the family tax Benefit Is generally deposited as a fortnight payment. However, the partner can apply to have the deposit in the lump sum during the end of the fiscal year. The amount will include all the deposits of the fortnight amount with the additional deposit for the energy supplement.
The amount can also be withdrawn in case of any emergency or need for the paychecks. The payment will later be deducted from the fortnight deposit. The money will be provided through the direct deposit method.