The Family Tax Benefit (FTB) is a critical financial support program for families in Australia, providing assistance with the everyday costs of raising children. The FTB is divided into two parts, FTB Part A and FTB Part B, each offering benefits to low- and middle-income families, and November 2024 brings updated information on payment amounts and eligibility. Below, we’ll explore the details you need to know to access this important financial aid, including payment amounts, eligibility criteria, and November payment dates.
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What is the Family Tax Benefit (FTB)?
The Family Tax Benefit (FTB) assists Australian families with essential expenses for raising children, such as education, healthcare, and childcare. The benefit is delivered in two parts:
FTB Part A provides support based on family income and the number of children.
FTB Part B offers additional assistance, primarily for single-parent families or families with one primary income earner.
Families can receive FTB payments monthly or annually as a lump sum.
Family Tax Benefit Part A – Financial Support Based on Family Income
FTB Part A is paid for each dependent child and is based on family income. This benefit is particularly helpful for families with multiple children, as the amount adjusts based on both the number of dependents and their ages.
Eligibility: Families with at least one dependent child under 19, or 18-24 if the child is a full-time student.
Income Limits: The maximum income threshold for FTB Part A is $80,000 (subject to an income test). Payment rates may be reduced for families earning over this amount.
Payment Amounts: The November 2024 rates for FTB Part A are as follows:
- For children aged 0-12: Up to $197.96 per fortnight per child
- For children aged 13-19: Up to $258.68 per fortnight per child
Family Tax Benefit Part B – Extra Support for Single-Income Families
FTB Part B provides extra financial aid for single-parent families or families with only one main income earner. This benefit helps single-income households manage essential costs.
Eligibility: Single parents or families with one primary income earner who earns below a certain threshold.
Income Test: In two-parent families, the secondary income earner must earn under $100,000 per year for FTB Part B eligibility.
Payment Amounts: The November 2024 rates for FTB Part B are as follows:
- Up to $162.54 per fortnight for children under 5
- Up to $113.54 per fortnight for children aged 5-18
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Payment Dates for FTB November 2024
For families receiving payments on a fortnightly schedule, November 2024 payments will be issued on:
- November 6, 2024
- November 20, 2024
Families who choose to receive a lump sum payment after submitting their tax returns can expect to receive the total amount at the end of the financial year.
Applying for the Family Tax Benefit – Process and Key Tips
Eligible families new to FTB can apply through Centrelink, either online through MyGov or by visiting a Services Australia office.
Income Estimates: Keeping income estimates accurate ensures correct payment calculations. Update any income changes promptly.
Payment Preferences: Choose to receive payments fortnightly, monthly, or as an annual lump sum.
Renew Eligibility Annually: Make sure to renew eligibility each financial year to maintain access to payments.
Maximizing Family Tax Benefit in 2024: Additional Concessions
Other benefits complement FTB payments, such as the Child Care Subsidy (CCS) for eligible families using approved child care services and the Parenting Payment for low-income single parents. Families may also access healthcare concessions, including bulk-billing and Pharmaceutical Benefits Scheme (PBS) savings.
The November 2024 Family Tax Benefit payments provide essential financial aid to help families manage the high costs of raising children. By meeting eligibility requirements and keeping income information up to date, families can receive the full benefit of FTB.
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