Tax for Your Family

How much do you know about everything that affects and impacts tax for your family?

While it’s not everyone’s favourite topic (it is one of ours!), it’s important to know the ins and outs of it.

 

Tax for Your Family - Melbourne - MTAS

Do you know what you are eligible for when it comes to tax for your family?

While it may seem like a lot to take in, we believe every family should understand, at least the basics of the Australian tax system.

By having some understanding, you’ll be aware of what benefits you are entitled to, as well as the responsibilities you have as a tax payer.

Tax benefits for families can include refunds, offsets, bonuses, and credits that can help you support your young family.

Taxable family income

What is a family taxable income? This is classified in two ways: as a combined taxable income of yourself and your spouse.

If you are a sole parent, your income is considered taxable as well.

What benefits can you claim?

Let’s talk about Family Tax Benefit, also known as FTB. It’s a government payment given to families to assist in raising their children. It is divided into two parts:

  • Part A: paid for every child based on the situation of the family.
  • Part B: paid for each family, giving additional help for sole parents and couples with children that only have one source of income.

If you are eligible for FTB, you may also claim other payments and supplements. These may include:

  • Part A or Part B Supplement
  • Multiple Birth Allowance
  • Newborn Supplement and Upfront Payment
  • Energy Supplement
Tax for Your Family - Melbourne - MTAS
Tax for Your Family - Melbourne - MTAS

What government payments are out there?

There are plenty of benefits, payments, and refunds that you can also get from family taxes including:

  • Education Tax Refund
  • Income Tax Offsets
  • Investments for Children
  • Superannuation
  • Separating families

These are subject to conditions and criteria which need to be met prior to be paid. You can check online or with your friendly tax agent before claiming.

Need some help with your family tax? MTAS is your mobile accounting firm and tax agent. Get in touch with any or all of your tax-related questions.