The Australian Chamber of Commerce and Industry (ACCI) urges all Family Tax Benefit (FTB) recipients to take swift action regarding an approaching deadline that could dictate their financial entitlements. Families who received FTB payments during the 2023-24 financial year must confirm their income details by June 30, 2025, else they will be at risk of losing their lump sum payment eligibility.
This deadline affects thousands of Australian families who rely on FTB payments to support their household expenses. Missing this deadline could trigger substantial financial consequences, including the requirement to repay previously received benefits.
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Understanding Family Tax Benefit Payments
Family Tax Benefit offers financial assistance to eligible families with children under 16 years of age, or dependent children aged 16-19 years in approved study. The payment system proposes two options: regular fortnightly payments or an annual lump sum payment following income confirmation.
For the 2023-24 financial year, families with annual incomes ranging from $117,348 to $206,858 qualified for FTB Part A payments, depending on family size and children’s ages. These thresholds ensured targeted support reaches families who need it most.
The June 30 Deadline: What You Need to Know
Families who chose to receive their FTB as a lump sum payment must confirm their household income for the 2023-24 financial year by June 30, 2025. This confirmation process ensures accurate payment calculations and prevents overpayments that may require repayment.
The income confirmation must include both your income and your partner’s income, regardless of whether your partner receives Centrelink payments. This comprehensive approach ensures fair assessment of your family’s financial circumstances.
Failure to meet this deadline triggers a 12-month grace period, after which Services Australia may issue an account payable notice requiring repayment of the full FTB amount received during the relevant financial year.
Deadline
Period
If Required
How to Submit Your Income Information
The most efficient method for submitting your income information is through the myGov online portal. Access your Services Australia account and navigate to the income confirmation section. Mobile app users can select “More” from the home screen, then choose “Advise tax non-lodgement.”
Alternative submission methods include lodging a tax return with the Australian Taxation Office, which automatically updates your income information with Services Australia. For families unable to confirm their income through standard channels, contact the Services Australia Families line for personalized assistance.
ACCI Recommendations for Families
ACCI recommends that families prioritize this deadline to avoid potential financial hardship. Most families overestimate their annual income, which often results in additional payments following income confirmation. This makes the deadline particularly valuable for maximizing your family’s financial support.
We encourage families to gather all necessary income documentation before beginning the submission process. This includes payslips, tax statements, and any other relevant financial records for both you and your partner.
For families experiencing difficulties with the submission process, ACCI supports accessing available assistance through Services Australia’s dedicated support channels. Professional financial advice may also be beneficial for complex family situations.
Frequently Asked Questions
What happens if I miss the June 30 deadline?
You have a 12-month grace period to submit your income information. After this period, Services Australia may issue an account payable notice requiring repayment of your FTB payments for the 2023-24 financial year.
Do I need to include my partner’s income?
Yes, you must include your partner’s income in your submission, even if they do not receive Centrelink payments. This ensures accurate assessment of your family’s total household income.
Can I submit my income information through my tax return?
Yes, lodging your tax return with the Australian Taxation Office automatically updates your income information with Services Australia, fulfilling the deadline requirement.
What documents do I need for income confirmation?
You need your total household income figures for the 2023-24 financial year, including wages, investment income, and other sources. Payslips, tax statements, and bank records can help verify these amounts.
The June 30 deadline represents an important opportunity for Australian families to maximize their FTB entitlements. ACCI encourages all eligible families to take prompt action and utilize available support services to ensure compliance with this requirement. Your family’s financial wellbeing depends on meeting this deadline, and the support systems are in place to help you succeed.
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