Family Tax Benefit Calculator Australia 2024

Family Tax Benefit Calculator: Estimate Your Australian Government Payments

The Family Tax Benefit (FTB) is a vital financial support system provided by the Australian government to assist families with the costs of raising children. Our Family Tax Benefit calculator helps you understand your potential eligibility and estimated payments for the 2024-25 financial year.

Understanding Family Tax Benefit Payments

Family Tax Benefit consists of two main components: FTB Part A and FTB Part B. FTB Part A is available to eligible families with children under 16 years of age (or 16-19 if in full-time education). The payment amount varies based on the age of your children, with older children generally receiving higher payments.

FTB Part B provides additional support for single-parent families or families where one parent is the primary income earner. This payment is designed to provide extra financial assistance to families with reduced earning capacity due to caring responsibilities.

Income Tests and Payment Eligibility

Your Family Tax Benefit payments are subject to income tests. For FTB Part A, families can receive the full payment if their combined income is below $56,898 per year. Above this threshold, payments reduce by 20 cents for every dollar of additional income until the benefit is fully reduced.

For FTB Part B, different income thresholds apply depending on whether you're a single parent or in a couple relationship. The payment begins to reduce when the family's adjusted taxable income exceeds certain limits, which vary based on the age of your youngest child.

Additional Support: Rent Assistance

Families receiving FTB Part A may also be eligible for Rent Assistance, which helps with rental costs in the private rental market. The maximum rent assistance payment ranges from approximately $75-$80 per fortnight, depending on your family situation and the amount of rent you pay. This additional support can make a significant difference for families facing housing costs.

Using Our Family Tax Benefit Calculator

Our free Family Tax Benefit calculator uses the official 2024-25 rates from Services Australia to provide accurate estimates of your potential payments. Simply enter your combined family income, number of children, their ages, and family situation, and our calculator will estimate:

• Your estimated FTB Part A payment (including supplements)
• Your estimated FTB Part B payment (if applicable)
• Potential rent assistance (if eligible)
• Total annual benefit estimate

Important Information for Australian Families

It's important to note that the Family Tax Benefit is administered by Services Australia (formerly Centrelink), and you must formally apply to receive payments. Our calculator provides estimates only and should not be considered as official advice. Actual payments depend on your specific circumstances, including changes in income throughout the financial year.

Families should be aware that Family Tax Benefit payments are paid fortnightly throughout the year, or you may choose to receive any additional entitlement as a lump sum after you lodge your tax return at the end of the financial year.

Getting Started with Your FTB Claim

To claim your Family Tax Benefit, you'll need to provide evidence of your family income, children's birth certificates, and details about your living arrangements. You can apply online through your myGov account linked to Centrelink, by calling 132 150, or by visiting a Service Centre in person.

Use our Family Tax Benefit calculator as a starting point to understand what you might be entitled to receive. Remember that these are estimates based on 2024-25 rates, and actual payments may vary. For official calculations and to make a claim, always consult with Services Australia directly.