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family tax part A benefit

Discussion in 'Accounting, Tax & Legal' started by Triu, 11th Dec, 2007.

  1. Triu

    Triu Well-Known Member

    Joined:
    1st Sep, 2006
    Posts:
    161
    Location:
    WA
    Hi anyone here use this facility? Who do you talk to the Accountant or your Financial Planner about making work for you if you have IP's or Shares and other income.

    anyone help with ideas on who to talk to?
     
  2. Rob G.

    Rob G. Well-Known Member

    Joined:
    6th Jun, 2007
    Posts:
    717
    Location:
    Melbourne, VIC
    Family Tax Benefit Part A

    It means tests the family income.

    FTB part B however, only income tests the lower earning partner (or no income test if a single parent). It can be obtained regardless of whether you qualify for FTB part A.

    Cheers,

    Rob
     
  3. Mark Laszczuk

    Mark Laszczuk Well-Known Member

    Joined:
    16th Aug, 2005
    Posts:
    793
    Location:
    Brisbane
    Hi Triu,

    You can talk to Centrelink to determine if you qualify.

    Mark
     
  4. taxstar

    taxstar Active Member

    Joined:
    9th Nov, 2007
    Posts:
    25
    Location:
    Sydney, NSW
    Talk to your tax agent about this, as you may be able to structure your affairs so you can be under the combined taxable income threshold.

    You may also like to note that you can have the FTB paid our throughout the year or claim it as a lump sum when you lodge your tax return. Please note that if you over claim throughout the year and your income is a lot higher than the estimate you lodge with Centrelink, you may have to repay some of the FTB (ouch).