Home > A Complete Guide to the Family Tax Benefit and Centrelink
With the digital world continuing to rapidly evolve, it’s no surprise that government services like Centrelink have moved their services online. Problem is – navigating Centrelink’s online services can be a complete nightmare for some, especially if you’re not tech-savvy. To add insult to injury, knowing what benefits you’re entitled to is not only complicated and confusing but downright overwhelming.
At Jacaranda Finance, we thought something needs to be done about this! So, we’ve created a complete guide to Centrelink’s payments and services. This will cover getting a family tax benefit, claiming benefits, creating a myGov account, accessing advance payments, letting you know which benefits you qualify for and plenty more. Sound good? Let’s get started!
For those who don’t know, Centrelink is a government service that delivers social security payments and services to Australians in need. These payments are not just limited to low income groups, however. People who receive Centrelink benefits come from various different backgrounds and there are over a hundred different benefits to reflect this.
There are payments and services for retirees, unemployed people, people with disabilities, Indigenous Australians, students, those affected by natural disasters (e.g bush fires, cyclones)- just to name a few.
There is a wide range of Centrelink benefits. Too many to remember. We don’t expect anyone to have knowledge on all of them but fortunately for you, we’ve done the research and have all the info you need to know. Each benefit has a set of elaborate and unique criteria that you’ll need to meet in order to be eligible. Below we’ve listed a few common types of benefits, a short description and their individual requirements:
The Family Tax Benefit is a payment to assist families with the cost of raising children. This payment is particularly useful for families with a single source of income.
Family Tax Benefit (FTB) is made up of two parts:
FTB Part A supplements are payments per child. You can access this supplement after the end of each financial year (in July). You may be eligible for a Part A supplement if your child is:
You must also have an adjustable taxable income of $80,000 or less, care for the child at least 35% of the time.
For reference, adjustable taxable income includes taxable income, foreign income, total net investment losses, reportable fringe losses, reportable superannuation contributions, certain tax free pensions, or benefits.
Single parent: If you’re a single parent and your adjustable taxable income is less than $100,000 you are eligible for this supplement. If this is you, you can earn the maximum rate of this particular benefit.
Two parents/couples: You’ll be eligible for this supplement if the primary income earner of the two earns less than $100,000. The parent with the lower income is referred to as the secondary earner. Centrelink uses the secondary earner’s income to determine that rate of the supplement. If this earner earns over $5694 every year, the rate of supplement will be affected.
This Centrelink benefit is provided for those who are unemployed but are actively looking for work. Since the outbreak of Coronavirus, the Australian Government has increased the amount that JobSeeker recipients receive. If your hours have been reduced or you’ve been stood down from your job because of COVID-19, you could be eligible for JobSeeker.
To be eligible for JobSeeker you need to be:
This pension supports people who have physical and intellectual disabilities and people with mental health conditions that prevent them from earning money or keeping a job. It also supports people who are permanently blind.
To qualify for the DSP, you must:
Youth allowance refers to financial support for students or apprentices under the age of 24, or people looking for work under the age of 21.
To be eligible for Youth allowance you need to be at least one of the following requirements:
This benefit is for both students and apprentices over the age of 25 who need some financial aid to see them through their studies.
To qualify for this benefit you need to be:
This is a support payment for people who have reached a certain age (Age Pension age). Contrary to popular belief, you don’t need to be retired to receive a pension. The amount you receive will always depend on your assets and income.
To be eligible for this pension you need to:
What is Age Pension age?
|If your birth date is||You’ll qualify for age pension at age|
|1 July 1952 to 31 December 1953||65 years and 6 months|
|1 January 1954 to 30 June 1955||66 years|
|1 July 1955 to 31 December 1956||66 years and 6 months|
|From 1 January 1957||67 years|
Beyond the Family Tax Benefit and other popular Centrelink payments, there are several more benefits available to Australian residents. Other common schemes include:
To use your Centrelink online account you need to sign in through myGov. myGov is an online tool that can give you access to a range of government services within just a few clicks. That means that if you are looking to claim the Family Tax Benefit and other schemes you can do it easily through myGov.
In fact, with a myGov account you can manage your Centrelink payments, Medicare and more. You can also use the online portal to:
Setting up a myGov account is pretty simple, you just need to follow these three steps:
The myGov sign in process is fairly self-explanatory. Just head to the site and enter in your details! You can change how you sign in to your myGov account at any point. First, head to the myGov login Australia, enter your username and password and a code or answer to a secret question. Next select Account settings, then Sign in options.
If you ever forget your username or password, you can recover them by hitting the ‘Forgot username’ or ‘Forgot password’ links on the login page.
Sometimes, life throws you a curveball and you’re left short on cash. In times like these, your Centrelink payments may not be enough to foot the bill. If you receive the Family Tax Benefit or other Centrelink schemes though, it can be tricky to qualify for additional financial assistance. Fortunately, there are a variety of online lenders that can provide loans to people receiving Centrelink.
In Australia, loans on Centrelink can provide a simple way to get the urgent payment you need. Typically, they function as personal loans enabling you to pay for a variety of small expenses.
Jacaranda Finance endeavours to give all of our applicants a fair assessment on a personal loan. As a result, we will consider a range of factors when determining whether we can offer our customers loans on Centrelink.
Naturally, to take out a loan we’ll need to see that you have adequate income to make your repayments. In some cases, your regular Centrelink payments may qualify as suitable income but of course every situation is different!
If you’re unsure whether you would qualify for loans when on Centrelink, we encourage you to apply anyway. It’s free to do so and ultimately, we may be able to provide you with the urgent payment you’ve been looking for.
Applying for a loan with Jacaranda couldn’t be simpler. All you need to do is:
Jacaranda Finance can provide personal loans of up to $10,000. Our personal loans can be used to cover a wide range of urgent expenses. Some of the most popular purposes our customers use our loans for include:
One of the best ways to improve your chances of getting a loan with us is to check you’ve supplied us with the right information. Incorrect information is one of the most common errors we see. Also, make sure you’ve declared all your information correctly. We often see applicants not declaring their car properly on applications, failing to give the correct registration details and so on.
All credit comes with risk. At the end of the day, Jacaranda Finance is a responsible lender. We will assess your situation thoroughly to determine whether you could afford to make repayments before offering you a loan. However, we are not financial advisors. If you are unsure whether or not taking out a loan is the right choice for you, we encourage you to seek guidance from a qualified professional.
The government’s MoneySmart website is also a helpful resource for understanding credit.
If you’re one of the many Centrelink families out there, here are some additional money saving tips you might consider to help you save.
We hope you’ve found this guide on the Family Tax Benefit and other Centrelink payments helpful! At Jacaranda, we cover a range of topics to help our customers. Check out our blog for some handy insights into everything from car gap insurance to easy home improvements. Alternatively, for more info on our personal loans or car loans, check out our FAQs.
*Subject to when you submit your application.
Jacaranda is 100% online. So, we do not accept applications over-the-phone. However, our friendly team is more than happy to answer any questions you may have.