UPDATE: For current rates, see Family Tax Benefit Supplements 2011
One of the most common Centrelink-related questions this year seems to concern the FTB supplement…. or as most people call it the ‘$600 per child’ payment.
The Family Tax Benefit Part A and Part B Supplements are an increase in the annual rate of FTB paid at the end of the financial year after you and your partner lodge your tax return. The reason for this is that if you have been overpaid, the supplement will be used to offset any outstanding overpayments.
You may recall that last year that many people received their FTB reconcilliation with their tax return. From this year, the ATO no longer has this responsibility and so any top-ups will come directly from the Family Assistance Office.
For the 2008/09 financial year the following supplement rates apply:
FTB Part A Supplement - $686.20 per child
FTB Part B Supplement – $335.80 per family
Keep in mind that these figures represent the maximum payment rates and individual payments may be lower depending on each persons entitlement.
What you need to do to get the supplement
You and your partner must lodge tax returns. If you are not required to lodge a tax return, you should contact Family Assistance or Centrelink and notify them of this (you can also do it using their online services). If you usually lodge a lump sum claim after the end of the financial year, the supplement will be paid with your lump sum.
Article by Christie Lewis
Christie is Practice Manager at Alan Lewis Accountants . Besides accounting, her passion is for all things small business (and blogging, of course). You can contact Christie directly at christie@lewistaxation.com.au.
Christie has written 799 awesome articles for us at Alan Lewis Accountants – BLOG
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UPDATE: For current rates, see Family Tax Benefit Supplements 2011