Centrelink is urging recipients of the Family Tax Benefit (FTB) to act quickly and make a crucial submission before June 30.
Those receiving the payment have the option to claim it either in fortnightly instalments or as a lump sum.
Key Deadline for Lump-Sum Claims
For those opting for the lump-sum payment, it is vital to submit the claim to Services Australia by June 30.
This deadline applies to individuals who received the Family Tax Benefit during the 2023-24 financial year. Failing to make the claim by the deadline could result in missing out on payments.
“If you didn’t claim FTB during the financial year, you need to do it now. If you don’t, you may miss out on payments,” said Services Australia.
Confirm Your Household Income
When submitting the claim, recipients must confirm the total income for their household during the financial year. This includes both your income and your partner’s, even if they are not a Centrelink recipient.
There are two main ways to confirm this information:
- Online via your myGov account: This is the simplest method.
- Lodge a tax return with the Australian Taxation Office.
If you’re using the myGov app, go to the More section, select Advise tax non-lodgement, and submit your income details.
What If You Can’t Confirm Your Income?
If you’re unable to confirm your income for any reason, it’s important to contact Services Australia’s Families line. A representative can guide you through the available options.
Why Submitting Income is Crucial
According to Hank Jongen, the general manager of Services Australia, confirming your income helps determine your eligibility for the Family Tax Benefit. He emphasized, “Most families tend to overestimate their income, which often leads to a top-up payment or supplement at the end of the financial year.”
As he put it, “You wouldn’t leave money sitting on your front porch, would you? Yet, that’s effectively what thousands of families are doing by not confirming their income with Centrelink.”
Family Tax Benefit Payment Limits
For the 2023-24 financial year, the annual income limits for receiving FTB Part A range between $117,348 and $206,858. The exact threshold depends on factors such as the number of children you have and their ages.
If you share caregiving responsibilities for a child, your percentage of care will be used to calculate your rate.
Consequences of Missing the Deadline
Services Australia has made it clear that if you miss the June 30 deadline, you may face serious consequences. “If you don’t do this within 12 months, we’ll send you an account payable notice,” the department warned. This notice will require you to repay the full amount of FTB you received for the related financial year.
Don’t miss out on your Family Tax Benefit! Make sure to submit your claim by June 30, confirm your household income, and avoid any potential repayment obligations. Whether you’re claiming fortnightly or as a lump sum, adhering to the deadline is crucial to receiving your payment.
FAQs
What happens if I miss the June 30 deadline for submitting my claim?
If you don’t submit your claim by June 30, Services Australia will require you to repay the full amount of FTB for that financial year.
Can I confirm my income using my myGov account?
Yes, the easiest way to confirm your income is by logging into your myGov account and submitting the information online.
How does Services Australia calculate my FTB eligibility?
Your eligibility is based on the total income of your household and other factors like the number of children you care for and your percentage of care responsibilities.