Australia Family Tax Benefit 2024 Increase – Check FTB A & B Increase Amount

The Australian FTB is a crucial financial support system for many Families. In 2024, there will be significant changes and Australia Family Tax Benefit 2024 Increase, aimed at providing better financial stability to Australian families. The Family Tax Benefit is a payment by the government designed to assist families along the cost of upbringing of their children. It is divided into 2 parts: FTB Part A and FTB Part B. FTB Part A is the primary payment which is available to the families with dependent children under the age of 16-19 years who are not receiving any youth allowance or any other payment. The Australian Family Tax Benefit Amount 2024 paid depends upon the family’s total income and the number of children they have. 

Australia Family Tax Benefit 2024 Increase

FTB Part B gives other assistance to single- parent families and to couple families where only one parent earns a low income or is not in a paid job. These benefits are implemented to meet the costs combined with the upbringing of their children which includes their healthcare, education and expenses for living. In 2024, the Australian Government has announced various changes to family tax benefit to give support to the families which includes: – 

  • Both FTB part A and B have higher payment rates. This means that the families in Australia will be given more dollars per child including additional financial relief. 
  • The Income Adjustment benefits begin to be increased in 2024. This indicates that the families can earn more before their benefits start to decline which allows large families to qualify for the higher payments. 
  • The benefits have been listed to compete with the Inflation. This ensures that the real value of the payments doesn’t go to waste over time due to rising cost of living. 
Australia Family Tax Benefit 2024 Increase

servicesaustralia.gov.au Family Tax Benefit 2024- Overview

TitleAustralia Family Tax Benefit 2024 Increase
Initiated byAustralian Government
CountryAustralia
Beneficiaries Australian Families
Year2024-25
Australian Family Tax Benefit Payment Date 2024July, 2024
CategoryFinance
Websiteservicesaustralia.gov.au

Payment Date For Australian Family Tax Benefit 2024

The FTB is paid within a period of two weeks or as a whole Australian Family Tax Benefit Amount 2024 at the last quarter of the Financial year. For 2024-25, payments will follow the schedule which would suit their financial planning needs. 

  • Australian Families can get the payment fortnightly. This regular Australian Family Tax Benefit Payment Date 2024 helps with ongoing household expenses. 
  • The families in the country can have an option to get the payment on Lump sum basis after the end of the financial year. This option is for those families who want to use funds for larger expenses or savings. 

Australian Family Tax Benefit Eligibility 2024

The Australian Family Tax Benefit Eligibility 2024 based on various factors such as family income, age of the children etc. 

FTB Part A

  • The families with their children who are under the age of 19 years are not getting youth allowance or any other payments. 
  • The family’s taxable income should not be more than a particular threshold. This financial year 2024-25, the adjustments have been made to accommodate increasing living costs. 
  • The families living there must meet the Australian residency requirements. FTB Part B 
  • The families with the single parent or couple families where one parent is earning a low income or is not in a paid job. The smallest child must be not more than the age of 13 years or 18 years if the child is living with single parent.
  • For families of single parents, there will not be any income test. For couple families, the primary earner’s adjusted income should not be more than a particular threshold. 

Australian Family Tax Benefit Amount 2024

Part A

  • The Base rate per child has been increased. For children who are not more than the age of 13 years, the maximum rate is $200 per fortnight approx. and for children aged between 13 to 19 years, it is $250 per fortnight approx. 
  • Australian families will also receive additional supplements if they meet the Australian Family Tax Benefit Eligibility 2024 such as rent assistance supplement and energy supplement. Part B 
  • The Australian families whose children are under the age of 5 years will get maximum $160 per fortnight approx. 
  • The families whose children are between the age of 5-18 years will get $ 115 per fortnight approx. 

Supplements Payment Amount

  • The Australian families will receive Energy supplements to help cover their energy costs. The amount can vary as per the circumstances of the family but it is approximately $20 per fortnight. 
  • The families rent privately and get more than the base rate of Part A. The Australian Family Tax Benefit Amount 2024 may vary based on the rent being paid by them and the children they have but the maximum amount has been increased to $ 160 per fortnight. 

FAQs Related To Australia Family Tax Benefit 2024 Increase

When will the Australia Family Tax Benefit 2024 Increase payments start?

The Increased Australian Family Tax Benefit Payment Date 2024 starts from 1st July, 2024.

Do the family Tax Benefit payments adjust the inflation? 

Yes, the payments are indexed to keep up the inflation to ensure the benefits maintain their real value over time.

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