Services Australia is reminding parents who received the Family Tax Benefit (FTB) during the 2023-2024 financial year to submit their income by June 30. This step is crucial for ensuring you receive any additional cash and supplements to which you might be entitled.
However, if you miss the deadline or fail to report your income, you may forfeit these benefits or, worse, incur a debt that requires repayment.
Why You Need to Submit Your Income
Submitting your income to Centrelink is essential for determining if you qualify for top-ups and supplements. According to Services Australia, failing to report your income could result in no extra support or potential repayment obligations.
“Don’t miss out,” Services Australia warned.
“If you didn’t confirm your family income, you may have missed out on top-ups and supplements. You may also get a debt and have to repay the amount you received during the financial year.”
How the Family Tax Benefit (FTB) Works
The FTB is a financial assistance program aimed at supporting families. Parents receive the benefit for each eligible child, with the amount determined by several factors, including:
- Adjusted taxable income
- Income test
- Child’s age
- Number of children
FTB Part A Rates
- The base rate for FTB Part A is $71.26 per child every fortnight.
- The maximum payment can reach up to $288.82 per child, per fortnight, depending on the child’s age.
Additionally, parents can opt to receive their FTB as a lump sum instead of fortnightly payments.
Balancing Your Family Tax Benefit
The FTB runs from the beginning to the end of the financial year. Before final payments are issued, Services Australia will “balance” your account to ensure that you received the correct amount of Family Tax Benefit and Child Care Subsidy.
According to Services Australia, this balancing process is important to verify if the payments were accurate. If any discrepancies are found, you may be eligible for top-ups or additional supplements.
The Importance of Reporting Your Income by June 30
By submitting your income details before June 30, Services Australia will have all the necessary information to accurately balance your account. This ensures that you are not underpaid and may qualify for additional support if necessary.
Ways to Report Your Income
There are two ways to report your income to Services Australia:
- Submit a tax return with the Australian Taxation Office (ATO).
- Use your Centrelink online account via myGov or the Centrelink app.
The ATO will automatically transfer your income information to Centrelink. This will allow them to use the data to adjust your Family Tax Benefit.
It is important to note that even if the ATO extends the deadline for lodging your tax return, this does not affect the June 30 deadline for reporting your income to Centrelink for the FTB.
Partner’s Income Also Needed
If you had a partner during the 2023-2024 financial year, their income details must also be submitted. This is crucial as both incomes are considered when balancing the FTB.
Key Dates and Actions
| Action | Deadline | Required Information |
|---|---|---|
| Submit your income to Centrelink | June 30, 2025 | Your income details (and your partner’s if applicable) |
| Submit a tax return (via ATO) | June 30, 2025 | Tax return information |
| Use Centrelink’s online account | June 30, 2025 | Income details via myGov or Centrelink app |
In conclusion, ensuring your income details are submitted to Services Australia by June 30 is essential for receiving the correct Family Tax Benefit and any additional payments or supplements. Missing this deadline could lead to losing financial support or even having to repay funds.
Make sure to report your income through the ATO or your Centrelink account, and remember that your partner’s income is also necessary for accurate calculations.
FAQs
What happens if I miss the June 30 deadline?
If you fail to report your income by the deadline, you may miss out on top-ups or other supplements. Additionally, you could be required to repay any amount received during the financial year.
How do I submit my income?
You can report your income through a tax return with the ATO or by using your Centrelink online account through myGov or the Centrelink app.
Does my partner need to report their income too?
Yes, if your partner lived with you during the 2023-2024 financial year, their income must also be reported for the FTB balancing process.