The Australian Government offers several different types of income support payments to help with the cost of raising children.
In this article, we'll look at the Family Tax Benefit in a little more detail. To start, there are actually two types of Family Tax Benefit:
You can choose to receive payments fortnightly or as a lump sum payment at the end of the financial year.
For each child |
Per fortnight |
---|---|
0-12 years |
$189.56 |
13-15 years |
$246.54 |
16-19 years |
$246.54 |
0-19 years |
$60.90 |
You may also receive a supplement of up to $781.10 per child at the end of the financial year, if your family has a combined income of $80,000 a year or less to be eligible for the supplement:
This offers extra support to single parents, non-parent carers and families with one main income.
The percentage of care is considered for shared care arrangements, and payment rates may change if you’re a parent returning to work.
Age of youngest child |
Per fortnight |
---|---|
0-5 years |
$161.14 |
5-18 years |
$112.56 |
You may also receive a supplement of up to $379.60 per family at the end of the financial year.
You may be eligible for Family Tax Benefit Part A if you have a dependent child who is 0-15 years old or aged 16-19 years old and in full-time secondary education.
You may be eligible for Family Tax Benefit Part B if you:
You cannot receive both Parental Leave Pay and Family Tax Benefit Part B.
For both Part A and Part B, you must also meet the income test, residency requirements and care for the child at least 35% of the time.
If you receive Family Tax Benefit Part A you may also be eligible for the following.
Information current as at July 2020. The information does not take into account your personal objectives, financial situation or needs and so you should consider its appropriateness, having regard to your personal objectives, financial situation and needs having regard to these factors before acting on it. Any taxation consideration outlined in this presentation are general statements, based on an interpretation of the current tax law, and do not constitute tax advice. The tax implications of the relevant products mentioned in this presentation can impact individual situations differently and you should seek specific tax advice from a registered tax agent or registered tax (financial) adviser.