Family Tax Benefit - 2009 Budget Changes

Win a $500 Target or Big W gift card ==> Signup free for your chance to WIN a $500 Gift Card of your choice to spend at any Target or Big W store in Australia.

Tax Benefit Part A:
From 1 July 2009, Family Tax Benefit Part A (FTB-A) payment rates will be indexed by the CPI, consistent with other family payments such as Family Tax Benefit Part B and the Baby Bonus.

Freezing of the upper income thresholds for Family Tax Benefits and Baby Bonus:
The Government will reform family payments through maintaining the higher income thresholds for family payments at their current level until July 2012. The following higher income thresholds will remain fixed until July 2012:
  • the Family Tax Benefit Part B primary earner income threshold, which will remain at $150,000;
  • the income threshold for receiving the dependency tax offsets, which will remain at $150,000;
  • the Baby Bonus eligibility threshold, which will remain at $75,000 of family income in the six months following the birth or adoption of a child (equivalent to $150,000 a year); and
  • the higher income-free area of Family Tax Benefit Part A, which will remain at $94,316 of family income (plus $3,796 for each child after the first).
Read other posts ==> Family Tax Benefit Calculator

Read other posts ==> Family Tax Benefit Part A Explained

(Source: AMP Financial Planning Pty Ltd)

Copyright 2014. My Tax Zone.