News

Timely lodgement of Tax Returns required for Centrelink Recipients

For those people who lodge an annual lump sum claim for Family Tax Benefit Part A or B, Child Care Benefit or Child Care Rebate, you must ensure you lodge your 2013-14 Income Tax Return before 30th June 2015 or notify the ATO that you are not required to lodge to ensure you receive your full entitlements, including potential Supplement amounts.

If you fail to comply with the new one year time period, you may not receive your full entitlements.

For those people who receive their Family Assistance payments on a fortnightly or quarterly basis, you must also ensure your lodge your 2013-14 Income Tax Return before 30th June 2015 or notify the ATO that you aren't required to lodge to avoid Centrelink potentially raising the full amount of payments you have received for 2013-14 as a debt to be repaid to Centrelink and stop your ongoing payments until such time as you lodge your Returns and are re-assessed for your entitlements.

Further information regarding time period requirements and eligibility criteria can be found on the Human Services website here

Previously you had a two year period in which to lodge, however the 2013-14 Federal Budget announced this time period would reduce to only one year from the 2012-13 tax year onwards.  Families will need to comply with the new claim lodgement and income confirmation requirements to ensure they receive their full family assistance entitlements. That is, families will now have one year to:

  • lodge their lump sum claims for Family Tax Benefit
  • meet claim and/or tax lodgements requirements to receive Family Tax Benefit top-ups and supplements
  • get their child immunised and/or receive age appropriate health checks in order to qualify for their end of year Family Tax Benefit supplement
  • notify of school commencement to be eligible for Schoolkids Bonus
  • meet claim and/or tax lodgements requirements for payment of Single Income Family Supplement and
  • lodge their lump sum claims for Child Care Benefit.

To ensure both you and your partner's Tax Returns are lodged on time, contact your BBA Advisor now to give us plenty of time to review your situation.  Especially where one or both of you are self-employed and Company or Trust Tax Returns also have to be prepared in order to finalise your own. 

Don't leave it till June 2015 to call us!