Family Tax Benefits - Australia
On moving to Australia, NZ citizens do qualify to receive the family tax credit benefit from the Australian government. (Kelsey, 2011)In Australia this policy is known as the Family Tax Benefit (FTB). The Australian FTB is administered by their Dept. of Human Services. The minimum a family can receive from the family allowance is $50. This amount received depends on the families’ income. The FTB is divided in to part A&B.
FTB Part A
The payments are either made fortnightly or as a lump sum at the end of the financial year.Part A and B differ in rates. The general available rate (for part A) is: (Taxpayers Australia, 2015)
• $179.76 per fortnight for a child under 13
• $233.94 for a child aged 13 to 19
• 57.68 …show more content…
(Department of Human Services Australia) If the child is in shared custody, the caregiver must be looking after the child at least 35% of the time in order to be able to receive this benefit. According to a May 2014 report, “There are two million families currently receiving family tax benefit A or B, and most families who receive one of the FTBs receive the other as well”. (Maley, 2014) This shows the number of families who depend on the benefit. This data also means that it cost the government a great deal of money in order to cater for the basic needs of these families. United Kingdom
The UK government has implemented a few different tax benefits for families with children. Each has different criteria and the amount received depends on different variables.
Child Tax …show more content…
This is available for people aged between 16 to 24. They must be a parent or have a disability to receive this benefit. If they are over 25, they can receive the benefit regardless of if they have children. To qualify for this benefit, the applicant must work a certain number of hours per week, get paid for that work and also earn below a certain level. “The basic amount of working tax credit is is up to £1,960 a year - you could get more (or less) depending on your circumstances and income.” (Government of UK) This tax credit cannot be claimed with universal tax
On moving to Australia, NZ citizens do qualify to receive the family tax credit benefit from the Australian government. (Kelsey, 2011)In Australia this policy is known as the Family Tax Benefit (FTB). The Australian FTB is administered by their Dept. of Human Services. The minimum a family can receive from the family allowance is $50. This amount received depends on the families’ income. The FTB is divided in to part A&B.
FTB Part A
The payments are either made fortnightly or as a lump sum at the end of the financial year.Part A and B differ in rates. The general available rate (for part A) is: (Taxpayers Australia, 2015)
• $179.76 per fortnight for a child under 13
• $233.94 for a child aged 13 to 19
• 57.68 …show more content…
(Department of Human Services Australia) If the child is in shared custody, the caregiver must be looking after the child at least 35% of the time in order to be able to receive this benefit. According to a May 2014 report, “There are two million families currently receiving family tax benefit A or B, and most families who receive one of the FTBs receive the other as well”. (Maley, 2014) This shows the number of families who depend on the benefit. This data also means that it cost the government a great deal of money in order to cater for the basic needs of these families. United Kingdom
The UK government has implemented a few different tax benefits for families with children. Each has different criteria and the amount received depends on different variables.
Child Tax …show more content…
This is available for people aged between 16 to 24. They must be a parent or have a disability to receive this benefit. If they are over 25, they can receive the benefit regardless of if they have children. To qualify for this benefit, the applicant must work a certain number of hours per week, get paid for that work and also earn below a certain level. “The basic amount of working tax credit is is up to £1,960 a year - you could get more (or less) depending on your circumstances and income.” (Government of UK) This tax credit cannot be claimed with universal tax