As the end of the financial year draws near, Services Australia has issued an essential reminder to all Australians who received the Family Tax Benefit (FTB) in the last financial year: the clock is ticking to report your income, and missing the deadline could have serious consequences for your hip pocket.
Why is this deadline so important?
If you or your partner received the Family Tax Benefit at any point during the 2023–24 financial year, you must confirm your income with Centrelink by 30 June.
This isn’t just a bureaucratic box-ticking exercise—your eligibility for top-ups, supplements, and even your ongoing payments depends on it.
Failing to report your income could mean missing out on extra support you’re entitled to, or worse, being hit with a debt if you were overpaid during the year. As Services Australia puts it: ‘Don’t miss out.’
What is the Family Tax Benefit?
The Family Tax Benefit is a government payment designed to help families with the cost of raising children. The amount you receive depends on several factors, including:
- Your adjusted taxable income
- The number of children you have
- The age of your children
- Whether you’re eligible for FTB Part A, Part B, or both
For example, the base rate for FTB Part A is $71.26 per child per fortnight, but the maximum rate can be as high as $288.82 per child every two weeks, depending on your circumstances. Payments can be made fortnightly or as a lump sum at the end of the financial year.
Can grandparents get the Family Tax Benefit?
Grandparent carers may be eligible for the Family Tax Benefit if they’re the primary carer of a child and meet criteria around residency, income, and the child’s living arrangements. In some cases, they may also receive extra support to help with child care fees.
How does the balancing process work?
At the end of each financial year, Services Australia ‘balances’ your FTB payments. This means they check the income information you and your partner have provided against what you earned, to ensure you received the correct amount.
You might get a top-up or supplement if you earned less than estimated. If you earned more, you may have to pay some money back.
This balancing process also applies to the Child Care Subsidy, but the two are calculated separately.
How do I report my income?
There are two main ways to report your income to Services Australia:
- Lodge your tax return with the Australian Taxation Office (ATO): Once you’ve lodged your return, the ATO will automatically share your income details with Centrelink.
- Update your income directly with Centrelink: You can do this through your Centrelink online account via myGov, or by using the Centrelink app.
Important note: Even if the ATO gives you an extension to lodge your tax return, the 30 June deadline for reporting your income to Centrelink for FTB purposes does NOT change. If you miss this deadline, you risk losing out on payments or being asked to repay money.
What about my partner?
If you had a partner at any time during the financial year, their income must also be reported. Both incomes are used to determine your family’s eligibility and payment rates.
What happens if I miss the deadline?
If you don’t confirm your income by 30 June, you could:
- Miss out on top-ups and supplements you’re entitled to
- Have your FTB payments stopped
- Be required to repay any overpaid amounts, resulting in a Centrelink debt
It’s a simple step that can save you a lot of stress and financial pain down the track.
Tips for a smooth process
- Get organised early: Don’t leave it until the last minute. Gather your income documents and log in to your myGov account to check what’s required.
- Check your partner’s details: Make sure your partner’s income is also up to date.
- Ask for help if you need it: If you’re unsure about what to do, contact Services Australia or visit your local Centrelink office for assistance.
Other Centrelink payments to keep in mind
While this warning is specifically about the Family Tax Benefit, it’s a good time to review your eligibility for other Centrelink payments and supplements.
Many Australians over 50 are eligible for additional support, such as the Age Pension, Carer Payment, or Rent Assistance. Keeping your details up to date ensures you’re getting everything you’re entitled to.
Have you had issues with Centrelink deadlines or payments?
We know dealing with government forms and deadlines can be stressful, especially when it comes to your family’s finances.
Have you ever missed a Centrelink deadline or had trouble with the balancing process? What tips do you have for others in the YourLifeChoices community?
Share your experiences and advice in the comments below—your story could help someone else avoid a costly mistake!
For more information
- Visit the Services Australia website
- Log in to your myGov account
- Call the Centrelink Families line on 136 150
Don’t let a missed deadline cost you—act now to secure your payments and peace of mind.
Also read: Centrelink freeze ends soon—what does it mean for payment rates?
