If you are unclear of the implications of the Budget regarding Family Assistance see below a summary: Paid Parental Leave • The Government has confirmed it will proceed with a new Paid Parental Leave scheme that will provide six months of paid leave, including superannuation, from 1 July 2015. However, the payment threshold is proposed to be reduced from $150,000 per annum to $100,000 per annum. Family Tax Benefit • The Family Tax Benefit (FTB) Part B primary earner income limit will be reduced from $150,000 to $100,000 from 1 July 2015. • Payment of FTB Part B will be limited to families whose youngest child is under age six from 1 July 2015. Transitional arrangements will ensure families whose youngest child is age six and over on 30 June 2015 will remain eligible for FTB Part B for two years.
Posted on: Wed, 14 May 2014 04:28:36 +0000
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