Family Tax Benefit Lodgement Deadline Looming
4 June 2014
Aside from the changes proposed by the Government to Family Tax Benefits (as outlined in our recent 2014 Budget Update), families should be aware of an even more pressing deadline.
The lodgement time-frame in relation to claiming a lump sum or confirming your income in respect of Family Tax and Child Care benefits was reduced by the previous Labor government from two years to one year.
This means that for the 2012-13 financial year you only have up until 30 June 2014 to lodge a lump sum claim or confirm your income in relation to these benefits.
Families claiming the Child Care Rebate may also be affected where the Child Care Benefit is claimed as a lump sum.
Extensions to the new one year lodgement period may be granted for families in unusual and exceptional circumstances.
What you need to do
- Lodge Income Tax Returns for yourself and your partner for the 2012-13 year with the ATO, or advise the ATO if you are not required to lodge returns for this year; and
- Lodge a lump sum claim or confirm your income in relation to the applicable benefits, with the Department of Human Services (Centrelink) prior to 30 June 2014.
If you don’t take action prior to this date you may not be eligible for any further Family Tax Benefit including Family Tax Benefit Supplements, in respect of the 2012-13 year and you may be asked to pay back Family Tax Benefits received in the 2012-13 financial year.
Please contact your local Boyce Accountant if you would like further information or advice in relation to the above.