Those with family incomes under $53,728 receive the full amount of Family Tax Benefit Part A – that’s $4,753.84 for a child under 13, $6,184 for a child aged 13 to 15 as well as for those children aged 16 to 19 who met study requirements.
That’s a lot of money. In fact for a family with 12 and 14 year old children, the benefit is more than the tax to be deducted from a salary of $53,728.
The entitlement is reduced by 20% for every dollar of income in excess of $53,728.
One still receives a base rate of the Family Tax Benefit Part A of $1,525.16 for each child up until an income of $94,316. Thereafter, your entitlement reduces by 20% for every extra dollar of family income.
Income is defined as adjusted taxable income which includes reportable fringe benefits and reportable employer super contributions.
To receive this entitlement, you MUST lodge your Tax Return for the previous year by 30th June. So if you haven’t lodged your 2018 Tax Return you better get cracking!
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