How to claim family tax benefit b

how to claim family tax benefit b

Family Tax Benefit PART A and PART B

Changes as a result of the 2014 Budget

Significant changes to Family Tax Benefit Part A and Part B were announced in the 2014/2015 Budget. While many of these changes won't take effect for another two years it is worthwhile reading about them now so you are prepared for the changes when they do take place.

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The Australian government offers certain payments through the Department of Human Services to help families with their work and family responsibilities. These payments include Child Care Benefit. the Child Care Rebate and the Family Tax Benefit.

What is the Family Tax Benefit?

There are two types of family tax benefit - Part A and Part B.

Family Tax Benefit Part A is paid for each child. The payment is income tested. The amount you receive is based on your family's individual circumstances.

You may be eligible for Family Tax Benefit Part A if you have:
    a dependent child or student aged up to 22 years and
  • care of the child for at least 35 per cent of the time

Family Tax Benefit Part B gives extra help to single parents and families with one main income. An example of this may be where one parent stays at home to care for a child full time or balances some paid work with caring for a child. This payment is income tested.

You may be eligible for Family Tax Benefit Part B if you have:

  • a dependent child or student, up to the end of the calendar year in which he or she turns 18 years of age and
  • care of the child for at least 35 per cent of the time.

Who is eligible for Family Tax Benefit Part A and B?

You may be eligible for Family Tax Benefit Part A if you have:

  • a dependent child under 16 years of age
  • a dependent child 16-20 years of age who:
    • has completed a Year 12 or equivalent qualification
    • is undertaking full-time education or training in an approved course leading to a Year 12 or equivalent qualification
    • has an acceptable study load or
    • has been granted

      an exemption from this requirement

    or
  • a dependent full-time student 21-24 years of age.

You will also need:

  • to have care of the child for at least 35 per cent of the time and
  • to satisfy the income test.

Please note you may not be eligible for Family Tax Benefit Part A if your child earns $13755 or more during the financial year and is:

  • aged 5-15 and not studying full time
  • aged 16-19 and not in full time secondary study or exempt from this requirement
  • over 19 years old.

You may be eligible for Family Tax Benefit Part B if you have:

  • a dependent child under 16 years of age, or
  • a dependent full-time secondary student up until the end of the calendar year in whch they turn 18, and
  • care of the child for at least 35 per cent of the time.

The rate of Family Tax Benefit Part B is based on an income test.

You and your partner cannot receive Family Tax Benefit Part B during a Paid Parental Leave Period, but it may be paid after the Paid Parental Leave period ends.

If you are a parent, guardian, foster carer, grandparent, or other carer, you may be eligible for Family Tax Benefit Part B.

How much Family Tax Benefit Part A can I receive?

Family Tax Benefit Part A is based on your family's annual income over the full financial year (ie from 1 July to 30 June) and the number of children you have as well as their ages.

This payment is either made fortnightly or through the tax system as a lump sum payment at the end of the financial year. You could also receive the payment as a reduced tax liability by asking your employer to reduce the amount withheld from wages paid to you or your partner.

The amount of Family Tax Benefit Part A you receive depends on your actual family income, how many children you have, and how old they are.

The maximum amounts of Family Tax Benefit Part A you can receive per child are updated on 1 July each year.

Current rates are as below:

Source: www.careforkids.com.au

Category: Credit

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