The Family Tax Benefit (FTB) A and B are two separate payments provided by the Australian government to assist eligible families with the cost of raising children. Here is a brief overview of each benefit:
- Family Tax Benefit Part A (FTB A): FTB Part A is a payment that provides financial support to help with the cost of raising dependent children. It is available to families with dependent children under the age of 16 (or under 19 if they are studying full-time). The payment amount is based on various factors, including the family’s income, the number of children, and their ages.
FTB Part A is income-tested, meaning the payment amount gradually reduces as the family’s income increases. The income threshold and the rate at which the payment reduces depend on the number of children in the family.
- Family Tax Benefit Part B (FTB B): FTB Part B is a payment that provides additional assistance to single-parent families, non-parent carers, and couples where one parent stays at home or has a limited income. It is intended to support families with a single primary income earner or families with one parent engaged in full-time care for a child under the age of 13.
FTB Part B is also income-tested, and the payment amount gradually reduces as the family’s income increases. There is a base rate for families with a child under five years old and a lower rate for families with a child aged between five and 18 years old.
It’s important to note that the payment rates and eligibility criteria for FTB A and B may change over time. To get the most accurate and up-to-date information about these benefits and to determine your specific entitlements, it is recommended to visit the official Services Australia website (https://www.servicesaustralia.gov.au/) or contact Centrelink directly. They can provide personalized advice based on your individual circumstances.