If you or someone you know receives the Family Tax Benefit (FTB), it’s time to mark your calendar and double-check your paperwork.
Government support payments are often crucial for many Australian families, providing essential financial assistance.
Understanding the specific requirements and deadlines associated with these benefits is therefore paramount to ensure continued eligibility and timely receipt of funds.
Centrelink has issued an urgent reminder that the clock is ticking for those who want to claim their FTB as a lump sum for the 2023-24 financial year.
Miss the deadline, and you could be waving goodbye to money that’s rightfully yours.
What’s the rush?
Each year, thousands of Australians opt to receive their Family Tax Benefit as a lump sum rather than in fortnightly instalments.
It’s a handy way to get a financial boost at the end of the financial year, especially if you’ve overestimated your income and are due a top-up.
But there’s a catch: you must submit your claim to Services Australia by 30 June. If you don’t, you risk missing out entirely.
Services Australia has been clear: ‘If you didn’t claim FTB during the financial year, you need to do it now. If you don’t, you may miss out on payments.’
And let’s be honest, who wants to leave money on the table—or, as Services Australia’s general manager Hank Jongen puts it, ‘leave money sitting on your front porch’?
What do you need to do?
To claim your FTB lump sum, you’ll need to confirm your household’s income for the 2023-24 financial year.
This includes your income and your partner’s, even if your partner isn’t on Centrelink. You can do this in one of two ways:
- Lodge a tax return with the Australian Taxation Office (ATO).
- Advise Services Australia directly—the easiest way is online via your myGov account. If you’re using the app, tap ‘More’ on your home screen, then select ‘Advise tax non-lodgement’.
If you’re unable to confirm your income for any reason, don’t panic—call the Services Australia Families line to discuss your options. It’s always better to ask for help than to let the deadline slip by.
Why is confirming your income so important?
Your FTB entitlement is based on your actual income for the year. Most families tend to overestimate their income, which means you could be in for a pleasant surprise in the form of a top-up or supplement payment.
But if you don’t confirm your income, Services Australia can’t work out what you’re owed—and you could miss out altogether.
Worse still, if you don’t make your claim within 12 months, you’ll receive an account payable notice, asking you to pay back the full amount of FTB you received for that financial year. That’s a nasty surprise no one wants in their mailbox.
Who’s eligible?
The annual income limits for FTB Part A for the 2023-24 financial year range from $117,348 to $206,858, depending on how many children you have and their ages. If you share care of a child, your payment rate is worked out based on your percentage of care.
A few extra tips for a smooth claim:
Double-check your details: Make sure your contact information and bank details are up to date with Centrelink.
Keep records handy: Have your income details, partner’s income, and any other relevant documents ready before you start your claim.
Don’t wait until the last minute: The myGov website and app can get busy as the deadline approaches, so get in early to avoid any last-minute hiccups.
Ask for help: If you’re unsure about anything, Services Australia’s Families line is there to help.
Other important deadlines to keep in mind
While you’re sorting out your FTB, don’t forget about other end-of-financial-year deadlines. The ATO’s superannuation deduction cut-off is also looming, and energy bills and other household expenses can spike at this time of year.
It’s a good time to review your finances and make sure you’re not missing out on any entitlements or savings.
Have your say!
Have you ever missed out on a Centrelink payment because of a deadline? Do you prefer lump sum payments or fortnightly instalments? Share your experiences and tips in the comments below—your story could help someone else avoid a costly mistake!
And remember, if you have a question or a story to share, we’d love to hear from you. Let’s help each other make the most of what we’re entitled to!
Also read: Urgent Centrelink payment deadline approaching—what you need to know
I took a redundancy package from my last employer, and got a rude shock 18 months later in January 1994, when my FTB was cut off altogether!
I contacted Centrelink to ask why, and they rudely informed me that our joint income was over the maximum limit. I told them that what I had received was a redundancy payment, and that I was only working casually since I finished the last job, and I’d never again be receiving anything like what I’d received the last year. They reinstated the payment just in time to pay for my son’s birthday party a week later.