A sudden influx of money would certainly come as welcome relief to Australian families. However, with the economy at its weakest for many years, financial aid is necessary to eke out a status quo. Inclement economic conditions mean the cost of living is soaring. The government has finalized the schedule pertaining to the $1,200 Family Tax Benefit payment, the rules for eligibility, and the claim method for families.
What Is the $1,200 Family Tax Benefit Boost?
The Family Tax Benefit (FTB) is a payment provided by the government to help with the cost of raising children. The $1,200 boost is a supplementary payment provided to some families on top of their usual FTB amounts. The one-time payment aims at aiding families meet immediate household expenses such as school supplies, groceries, and electricity bills.
Eligibility Criteria
It is required that the families are recipients of the Family Tax Benefit (FTB) A and B or either one of them to get the $1,200 boost. Some other requirements that apply are income limits and residency criteria. Families must be Australian residents with dependent children and must meet the income test as per Services Australia. Those who have already been granted FTB are automatically assessed for the payment, so applicants have no need to reapply.
Payment Date
The $1,200 boost is issued from today, with payments being lodged directly into the bank accounts of eligible families. Processing times may vary slightly depending on the bank. Families should check their Centrelink online account or the myGov app to track the payment date.
How to Claim the Payment
Rest insuring the families in the above category needs no additional claim, however, if the family thinks it qualifies and does not receive an FTB yet, a claim must be lodged through Services Australia, with documentation such as proof of income, residence, and dependent children.
Significance of the Payment
With the increase in the cost of living affecting every household across the nation, the \$1,200 relief comes in handy. For most families, this payment will provide front end cushioning for the necessity for essentials before settling bills behind.
Final Thoughts
The $1,200 Family Tax Benefit boost comes in handy at an opportune time to lend aid to Australian families in a time of economic stress. Potential beneficiaries are urged to check whether the payment is showing as having been made to them and update their bank details to avoid delays in the processing of benefits.