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Thread: Income Test and Payment rates for Family Tax Benefit Part B, income under $150,000.

  1. #1
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    Income Test and Payment rates for Family Tax Benefit Part B, income under $150,000.

    To help you find out if you're in Family Tax Benefit Part B, to be eligible basically the primary earner of the family has to earn less than $150,000, this will be very beneficial to most families and should help families in NSW get the Energy Rebate.

    To see if you fit into the Tax Benefit B group check the Income test for Family Tax Benefit Part B, then below that there is also the Payment rates for Family Tax Benefit Part B which informs you of how much your family maybe able to get for tax benefits:

    Income test for Family Tax Benefit Part B

    Income test for Family Tax Benefit Part B

    This income test for Family Tax Benefit Part B is updated on 1 July each year.
    Family Tax Benefit Part B is for families (single parent or couple) in which the primary earner has an adjusted taxable income of $150,000 or less per year.

    Single parent family

    If you are a single-parent family with an annual adjusted taxable income of more than $150,000, you will not be eligible for Family Tax Benefit Part B.
    If your income is at or below this limit you will continue to get the maximum rate of Family Tax Benefit Part B.

    Two parent family

    If you are a two-parent family in which your primary earner has an annual adjusted taxable income of more than $150,000 you will not be eligible for Family Tax Benefit Part B. This is regardless of the lower income of the other parent.
    If the primary earner’s income is at or below this limit, Family Tax Benefit Part B will be assessed on the basis of the second earner’s income. Secondary earners can earn up to $5,037 each year before it affects the rate of Family Tax Benefit Part B.
    Payments are reduced by 20 cents for each dollar of income earned over $5,037.
    If you are the secondary earner and your partner earns $150,000 or less, you can still get some Family Tax Benefit Part B if your income is below:

    • $25,623 a year, if your youngest child is under 5 years of age, or
    • $19,929 a year, if your youngest child is 5–18 years of age

    You and your partner cannot receive Family Tax Benefit Part B during a Parental Leave Pay period, but it may be paid after the Paid Parental Leave period ends.

    We will automatically adjust your payments to avoid or reduce a projected Family Tax Benefit overpayment. This applies to you if you get your payment in fortnightly instalments.




    Payment rates for Family Tax Benefit Part B

    Payment rates for Family Tax Benefit Part B

    The amount of Family Tax Benefit Part B you get usually depends on the age of your youngest child.
    You or your partner cannot receive Family Tax Benefit Part B during a Paid Parental Leave period. Use our Online Estimators to estimate or compare the Family Tax Benefit you may get, based on your current or proposed circumstances.

    Maximum rate of Family Tax Benefit Part B

    These are the maximum amounts of Family Tax Benefit Part B you can get per family. These payment rates are updated on 1 July each year.
    Age of youngest child Maximum rates of payment
    Each fortnight Each year
    under 5 years $144.34 $4,117.20
    5–18 years $100.66 $2,978.40
    Payment-per-year figures include the Family Tax Benefit Part B supplement ($354.05 per family for the 2012–13 financial year), but the fortnightly figures do not. The supplement can only be paid after the end of the financial year.

    Family Tax Benefit Part B supplement

    You can get a Family Tax Benefit Part B supplement of up to $354.05 per family after the end of the financial year, when your payments have been balanced. This will happen if, within the required timeframe, you and your partner (if applicable) lodge your tax return and the Australian Taxation Office confirms income details, or after you and your partner tell us you do not need to lodge. The amount of supplement paid may vary depending on your family’s income and circumstances.

    Income test

    An income test is used to work out how much Family Tax Benefit Part B you can get.

    Shared care

    If you share the care of your child, there are special rules about how much Family Tax Benefit you can be paid.




    Please feel free to ask any questions, I hope I can answer them for you.
    DealDude likes this.



  2. #2
    Senior Member DealDude's Avatar
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    Hi there MoneySavingExpert what is the NSW Energy Rebate? You mention in the post?


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