Family Tax Benefits Annual Rate Calculator
Estimate your annual family tax benefits based on your household income and circumstances
Your Estimated Family Tax Benefits
Comprehensive Guide to Family Tax Benefits Annual Rate Calculator
The Family Tax Benefit (FTB) is an Australian government payment designed to help eligible families with the cost of raising children. This comprehensive guide will explain how the FTB works, who is eligible, how payments are calculated, and how to maximize your benefits.
What is Family Tax Benefit?
The Family Tax Benefit is a two-part payment system:
- FTB Part A – Paid per child, with the amount depending on your family’s circumstances
- FTB Part B – Provides extra help to single parents and families with one main income
Eligibility Criteria
To be eligible for Family Tax Benefit, you must:
- Care for a dependent child who is fully immunized (or meet exemption requirements)
- Meet an income test (different for Part A and Part B)
- Be an Australian resident or hold an eligible visa
- For FTB Part B, be a single parent or couple with one main income earner
Income Tests Explained
The income test determines how much FTB you can receive. There are different tests for Part A and Part B:
| Benefit Part | Income Test Type | 2023-24 Threshold | Reduction Rate |
|---|---|---|---|
| FTB Part A | Family Income | $59,516 | 20 cents for each $1 over threshold |
| FTB Part B | Primary Earner Income | $100,000 | 20 cents for each $1 over $100,000 |
| FTB Part B (secondary earner) | Secondary Earner Income | $5,720 | 20 cents for each $1 over $5,720 |
Payment Rates for 2023-24
The maximum rates for Family Tax Benefit change each financial year. Here are the current maximum rates:
| Child Age | FTB Part A (per child) | FTB Part B (per family) |
|---|---|---|
| 0-12 years | $212.72 per fortnight | $172.32 per fortnight |
| 13-15 years | $272.56 per fortnight | $172.32 per fortnight |
| 16-19 years (in study) | $272.56 per fortnight | $172.32 per fortnight |
How Shared Care Affects Your Payment
If you share the care of your child with someone else, your FTB will be adjusted based on the percentage of care you provide:
- 100% care – Full rate
- 65-99% care – 75% of the full rate
- 35-64% care – 50% of the full rate
- 14-34% care – 25% of the full rate
How to Maximize Your Family Tax Benefit
To ensure you receive the maximum FTB you’re entitled to:
- Keep your income details up to date with Centrelink
- Report any changes in your care arrangements promptly
- Consider the timing of income (some years you might be better off deferring income)
- Check if you’re eligible for other payments like Child Care Subsidy
- Use the lump sum payment option if it provides a better outcome
Common Mistakes to Avoid
Many families miss out on their full entitlement due to common errors:
- Not updating income estimates when circumstances change
- Forgetting to include all children in the claim
- Not reporting shared care arrangements correctly
- Missing the deadline for lodging tax returns (which affects FTB)
- Not claiming for the full period you were eligible
How Family Tax Benefit is Paid
You can choose how you receive your FTB:
- Fortnightly payments – Regular payments during the year
- Lump sum after tax time – Receive it all after your tax return is processed
- Combination – Receive part during the year and the balance as a lump sum
Family Tax Benefit and Other Payments
FTB may affect other payments you receive, and vice versa:
- Child Care Subsidy – Your FTB income test affects your CCS percentage
- Parenting Payment – Receiving FTB may affect your eligibility
- Youth Allowance – FTB may continue for children 16-19 in study
- Energy Supplement – You may receive this automatically with FTB
Important Disclaimer: This calculator provides estimates only. Actual payments may vary based on your specific circumstances and Centrelink’s assessment. For official information, always check with Services Australia or consult a qualified financial advisor.
Additional Resources
For more detailed information about Family Tax Benefit: