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Reminder: Recipients of the Family Tax Benefit (FTB) are required to lodge their 2021 tax returns by 30 June 2022 in order to receive their correct FTB payment amount.
Continue reading to find out time limits for lump sum claims and confirming income for Family Tax Benefit.
What are the time limits for 2020-21 financial year?
You have until 30 June 2022 to:
- confirm your family income for the 2020-21 financial year
- claim FTB as a lump sum for the 2020-21 financial year.
Services Australia will use this information to balance your FTB.
You and your partner need to confirm your income if either of the following apply:
- you got FTB during the 2020-21 financial year
- you’re claiming FTB as a lump sum for the 2020-21 financial year.
If you didn’t get FTB in the 2020-21 financial year
If you didn’t get FTB during 2020-21, you have until 30 June 2022 to claim it as a lump sum payment.
For more information on how to confirm your family income and how to claim FTB as a lump sum click here.
What if I miss the deadline?
If you do not confirm your family income before 30 June, you may need to pay back the FTB you received in 2020-21. You may also miss out on top up and supplement payments if you are eligible.
If you are not required to lodge a tax return for the 2020–21 year and have not yet informed the ATO or Services Australia, you should:
- notify the ATO that a return is not necessary before 30 June 2022, and
- notify Services Australia directly.
Crest Accountants are here for you
Need help? The team at Crest Accountants are here to help and guide you along the way.
Contact Crest Accountants today.
Disclaimer: The information contained in this news post is general in nature and is intended to provide a general summary only and should not be relied on as a substitute for professional advice.Â
