What is FTB?
FTB is a payment to help you raise your dependent children. On 1 July 2000 FTB replaced family tax benefit Part A and Part B, dependent spouse rebate (with a child), and sole parent rebate. Some social security payments were also replaced: family allowance, basic parenting payment, guardian allowance and family tax payment Part A and Part B.
FTB has two parts, Part A and Part B. You may be eligible for Part A or Part B, or both. Part A is designed to help with the cost of raising children. Part B is designed to give extra help to families with one main earner, including single parent families.
What you need to know first
FTB is a benefit with many features. Eligibility criteria and income thresholds are different from those under the old family assistance measures. It is very important that you take the time to read through the instructions step by step when using the FTB calculator.
There is a time limit of two years for claiming family tax benefit as a past period claim. This means you have until 30 June 2009 to lodge your FTB tax claim for entitlement during the period 1 July 2006 to 30 June 2007.
If you are lodging a 2008 FTB tax claim, you must lodge it with the Tax Office by 30 June 2009; but if you claim from the FAO you have until 30 June 2010 to do so.
Link ==> FTB Caclulator
FREE fact sheet ==> Family Tax Benefit Part B
See also ==> Family Tax Benefit Part A Explained
See also ==> Changes to Baby Bonus from 1 January 2009
See also ==> Adjusted Taxable Income (from 1 July 2009)
(source ATO)
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