Centrelink recipients who rely on the Family Tax Benefit (FTB) need to take immediate action to ensure they do not miss out on payments. Services Australia has warned that the deadline for submitting claims for a lump sum payment is rapidly approaching, with June 30 being the cut-off date for those seeking to receive their FTB for the 2023-24 financial year.
Failing to submit a claim by this date could result in missing out on valuable financial support. This situation highlights the importance of timely action for Australians receiving this benefit, especially as it directly impacts families’ ability to manage their finances.
Deadline Approaching for Lump Sum Payment Claims
For recipients of the Family Tax Benefit, there are two ways to receive the payment: fortnightly instalments or a lump sum at the end of the financial year. Those who choose the lump sum option must submit a claim by June 30. This deadline applies exclusively to individuals who were receiving the benefit throughout the 2023-24 financial year.
Services Australia has emphasized that failing to meet this deadline could result in families losing out on their entitlement. If a claim is not submitted in time, recipients may be required to repay any FTB payments already received during the financial year.
Income Confirmation Necessary for Lump Sum Claims
To submit a claim for a lump sum payment, recipients are required to confirm their household income for the financial year. This includes income details from both the applicant and their partner, even if the partner is not directly receiving payments from Centrelink. This income can be reported either by lodging a tax return or submitting it online through the myGov platform.
Services Australia has provided clear instructions on how to submit income details. If individuals are unable to provide income information for any reason, they are encouraged to contact the Services Australia Families line to discuss their options.
Services Australia Warns of Penalties for Late Submissions
The June 30 deadline is not just a matter of missing out on a payment. If individuals do not submit their claim within 12 months, Services Australia will issue an account payable notice. This notice will demand that recipients repay the full amount of FTB they have received for the 2023-24 financial year.
Hank Jongen, the general manager of Services Australia, explained that many families tend to overestimate their income, which often leads to additional payments, such as a top-up or supplement, at the end of the financial year. He urged families not to leave money unclaimed, describing the situation as akin to leaving money sitting on the front porch.
Income Limits for FTB Eligibility in 2023-24
For the 2023-24 financial year, there are specific income limits for families to be eligible for FTB Part A. These limits range from $117,348 to $206,858, depending on the number and age of children in the household. If families share caregiving responsibilities, Services Australia uses the percentage of care provided to determine the payment rate.
The looming deadline serves as a reminder for families to review their income and ensure they meet the necessary requirements before June 30. Those who fail to act in time will face the risk of repaying any benefits they have already received.
