Family Tax A income limits much higher if you rent

modsec802 on 11/03/2014 - 11:14

I was looking at the Family Tax A income limits where the benefits cut out and noticed the small print line:

"Income limits will be higher if you are eligible for Rent Assistance."

I ran the family tax calculator, and in our case (three children), it was about $15,000 higher than if we had a mortgage (being trapped out of the unaffordable housing market has its benefits after all).

If you're near the limit you will only get a small amount of FTB-A (and rent assistance!), BUT, the supplement is $726.35 PER CHILD, so in our case this is nearly $2200 per year tax free.

I just thought I would let you all know in case you rent and have looked at the income limits table before and didn't read the fine print about renting.

Financial

Comments

  • cheapfab on 11/03/2014 - 14:56

    Just beware - the FTB A supplement says it is up to $726.35:
    You can also get Family Tax Benefit Part A supplement of up to $726.35 for each child, when your payments have been balanced after the end of the financial year.

    • modsec802 on 11/03/2014 - 15:16

      It's up to $726.35 if you've underestimated and been overpaid throughout the year. (it's only paid when you submit actual not estimated income).
      Since we submit an annual claim we get the full amount.

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