Updated on February 24, 2024
Learn all about the Family Tax Benefit Increase in March 2024 and discover when the enhanced Part A and Part B benefits will be arriving with an increased amount. The Family Tax Benefit is designed to provide financial support to Australians, helping with the additional costs of raising children. This assistance is divided into two parts, with benefits calculated per child and per family. Each year, the Federal Australian Government Department of Social Service makes specific adjustments to account for the rising cost of living and inflation. Keep reading to find out more about the March 2024 Family Tax Benefit Increase and additional details.
Family Tax Benefit Increase March 2024
The Family Tax Benefit (FTB) is a federal aid program designed to assist eligible households in raising their children. In Australia, FTB comprises two parts, each tailored to specific circumstances and can be received either as a fortnightly or lump sum payment. Initiated by the Federal Australian Government, this program aims to support low and moderate-income families in meeting the costs associated with raising children.
The Family Tax Benefit Increase in March addresses the challenges posed by the rising cost of living and inflation. Eligible families will receive benefits based on their FTB Part A and B payment rates, determined by an income test for both parts. In 2024, child care support is provided based on specific requirements and the number of dependents. Additionally, candidates will experience a 3.5% increase in their family taxation benefits.
When Part A and Part B Benefits are Coming with Increased Amount
The March increase in Family Tax Benefit payments aims to address the impact of rising living costs and inflation. Divided into two parts, these benefits cater to different family circumstances. Family Tax Benefit Part A is calculated per child, varying based on family circumstances, while Part B is a per-family benefit providing extra support to single parents with a primary income.
FTB payments can be received either fortnightly or as a lump sum at the year-end. Both Part A and Part B Benefits have been augmented, including additional supplements for newborns, energy, and multiple births. The federal Part A and Part B supplements are part of this increase. Additionally, Part A recipients are required to fulfill immunization and other health check requirements.
The March increase in Family Tax Benefit Part A is a federal payment provided annually for each child. This supplement is distributed at the fiscal year’s end and is reconciled with families having an adjusted taxable income of 80K AUD or less. The eligibility for FTB Part A payment is also contingent upon you and your partner filing a tax return within the specified timeframe.
Family Tax Benefit Part B, part of the March increase, constitutes an annual payment per family. The associated supplements are disbursed at the conclusion of the income year and are subject to the individual or their partner filing their taxation return. The Part B supplement serves to offset any outstanding debts for the individual.
The maximum rate for FTB Part A varies based on the age of the child. For children aged 0 to 12 years, it’s $213.36 per fortnight, for those aged 13 to 15 years, and for those aged 16 to 19 years who meet the study requirement. Additionally, an approved care organization receives $68.46 for each child aged 0 to 19 years.
As for the Family Tax Benefit Increase in March, the Part B supplement is determined by the age of the youngest child. It provides a maximum rate of $181.44 for children aged 0 to 4 years and $126.56 for those aged 5 to 18 years.