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How to include the Family Tax Benefit (FTB-A and FTB-A)

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Steps to include Family Tax Benefits

Optimo Financial will estimate the Family Tax Benefit payment(s) based on the relevant means test, provided you enter the following information:

  • Under the Dependant, in the Tax Status and government benefits section fill in the fields as follows:
    • Parent (for benefits) - the parent who receives the FTB payment.
    • FTB shared care % - The percentage of time the child is in the care of the parent who receives the FTB payment. By default this is 100%, but this can be adjusted if there is a parenting plan defining the amount of time the child is in each parent's care.
  • Under the Individual who receives the FTB, in the Government Benefits section, make sure that the Eligible for FTB-A and Eligible for FTB-B fields are marked 'Yes'.
  • Every year, the FTB estimate will take into account the child's age and your income, so make sure that these are entered correctly.

It is okay to mark an Individual as eligible for FTB payments even if the child is too old or your income is too high to receive any FTB payments, as the estimated payments will simply be reported as zero. However, if you definitely know that the individuals aren't eligible, it's better to put 'Not eligible' and this may help make the solve slightly faster.

Family Tax Benefits in the results

In the results, you will find information on the family tax benefit on the following reports:

  • For an overview of whether they are receiving the payment, you can check the:
    • The Consolidated Cash flows report - there will be a line for 'Family tax benefit part A' and 'Family tax benefit part B' if they receive these payments
    • The action items - in years they receive an FTB payment, it will be listed in the action items.
  • For details on how the benefit was calculated:
    • In the Detailed reports (in the 'Results' step), on the side menu, select the individual who is receiving the FTB payment (you can check this at the Current situation > Personal details step.  Select the dependant, and then check who is filled in as the 'Parent (for benefits)'
    • Under the Individual's detailed reports, select the Tax report, under this, there will be sub-reports for FTB-A and FTB-B that show how the payment was calculated.

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