Family Tax Benefit is designed to help with the cost of raising children. It consists of two parts:
– Part A: For families with dependent children under 19 or dependent full-time students aged 16-19. The amount depends on family income, the number of children, and their ages.
– Part B: For single-parent families or families with one main income where the secondary earner’s income is below a certain threshold.
Eligibility is based on residency, income tests, and the presence of dependent children.
6. Parenting Payment
Parenting Payment is for principal carers of young children. It provides financial support to single parents or one of the partners in a couple where the youngest child is under a specific age. Eligibility criteria include:
– Being the principal carer of a child under 8 (for single parents) or under 6 (for partnered parents)
– Meeting residency requirements
– Satisfying income and asset tests
