I took a large number of calls last week sorting out confusion surrounding what people like to call “bonus” payments. I’m referring to the Family Tax Benefit Part A and Part B Supplements.
How much is it?
For the 2009-10 year, the maximum payments are $711.75 per child (part A) and $346.75 (part B).
How Do I Get it?
Generally, if you receive Family Tax Benefit, the supplement you are entitled to is paid automatically after you and partner have lodged your income tax returns. If you do not have to lodge a return, simply let the Family Assistance Office know.
What if I have a debt?
Once your tax returns are in, Family Assistance balances your account for the year. If you have been underpaid (ie. you overestimated your income) you should receive the supplements along with any ‘top-up’ payment you are entitled to. If you have been paid too much FTB throughout the year (ie. you have underestimated your household income), the supplement will be applied against your debt.
The best source of information for you regarding your FTB supplements is the Family Assistance Office. While your local accounting practice might be able to provide you with generic info (as above), we cannot give specifics regarding your personal supplement payment date or amount, etc.
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.
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