Can someone please help me understand this benefit?
What is meant by ( from July 1)
" Family Tax Benefit Part A
Income test free area
The higher income test free area for Family Tax Benefit Part A will remain at $94,316. Families with more than 1 child will not receive an add on amount per child."
Is this where it reduces by 30 cents for each dollar above $94,316 ?
Assuming too you don't get the addition p $3,796 for each Family Tax Benefit child ( is this the add on they're talking about)
Hypothetically you earn as a family $94320 then you will get $1.20 less per payment? Is that how it works?
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30-05-2015 08:04 #1
Family tax benefit A
30-05-2015 09:11 #2
I have no idea but following in the hopes some one knows.
30-05-2015 14:49 #3
30-05-2015 14:57 #4
That's how I figure it. But there are different income thresholds for Home owners and non home owners apparently. We are over this threshold and have 4 kids so waiting to see how badly it will impact us as the online calculator for 2015 doesn't seem to match the new cutoffs etc
30-05-2015 14:59 #5
The add on is for each child after the first. So second third fourth etc. ..
The odd system you had a base rate for 1 child and add a extra xx for every extra child.
Now it just the base rate.
30-05-2015 15:05 #6
So for 2 kids prior to July 1 it's
94,316 + 3,796
But as of July 1 it's just 94,316 ?
30-05-2015 17:21 #7
The Following User Says Thank You to Beljane For This Useful Post:
30-05-2015 20:23 #8
What if your under the threshold? Do you just stay at the sane rate?
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