Posted by Ash Patil on May 8th, 2012 | Category: budget battlers budget wayne swan Schoolkids Bonus Family Tax Benefit A Newstart Allowance parenting support payments Education Tax Refund childcare costs Budget 2012
BY July next year some $2000 in extra benefits will be going into the bank accounts of families with two children in their teens and a total income of $90,000 a year, according to todays Budget released by Treasurer Wayne Swan.
It will come as a package of payments covering five benefits and a tax cut.
Documents released with tonight’s Budget show the family from July next year will be getting $820 in the new Schoolkids Bonus and $200 boosted to Family Tax Benefit A.
In addition, it will receive $73 a year from carbon pricing compensation and $853 from tax concession for low income earners.
This is an indication of the welfare boom the Government wants to introduce to match the mining boom.
A similar family on a lower income will be better off by $2173 with the same bundle of benefits.
Two-thirds of families with one child paid FTB A will get $300 a year and extra, and one third will gain $100 a year – paid into their bank accounts.
The Family Tax Benefit A increases will give extra cash, up to $600 a year, to 1.56 million families.
A supplement for those on the dole will add $208 a year for the unemployed, and students.
Pensioners will be $338 a year better off.
If you are an unemployed parent…
Single unemployed parents will have their parenting support payments removed when their youngest child turns eight (compared with 16 now).
At present, single mothers receive $648.50 a fortnight until their youngest child turns 16. The new plan, which comes into effect in July 2013, will end the payments when the child turns eight and shift them on to the Newstart Allowance.
For partnered parents the $442 fortnightly income support payment will now end when the youngest child turns six.
If you have children…
Throw out the shoebox of receipts, as the Education Tax Refund has been replaced by the Schoolkids Bonus - a twice-yearly payment into your bank account. Parents will receive payments of $820 a year for each teenager they have at high school, and $410 for primary students.
From 1 July 2013 the Family Tax Benefit Part A will increase for all eligible families. Families with one child will get an extra $300 a year, and an extra $600 for families with two or more children.
The Government is investing an additional $225.1 million over four years to help 130,000 Australians with childcare costs back into the workforce. Through the Jobs, Education and Training Child Care Fee Assistance it will help eligible parents on income support by paying the difference of the cost of childcare and the amount of childcare benefits they receive.