Your Family Tax Benefit (FTB) payment might be subject to revision if any one of you or your partner has made changes to your tax return. This is because the Australian Taxation Office (ATO) is responsible for updating the income data sent to Services Australia, which is responsible for administering FTB payments. This recalculation, which is called balancing, is done to ensure you are paid correctly as per the most up to date financial information.
Key Details of FTB Balancing
| Aspect | Details |
|---|---|
| Who initiates balancing? | When tax returns are amended and sent by ATO |
| Notification needed? | No, automatic from ATO to Services Australia |
| Time for balancing | Up to 28 days after updated Notice of Assessment |
| Longer time possibility | If amended returns come at different times |
| Tracking | Online via Services Australia website |
The Balancing Process
If your tax return is amended, you no longer have to notify Services Australia. The ATO directly updates them with the necessary income details. Services Australia analyzes your file and uses this new information to adjust your FTB payment. Balancing payment refers to collecting any overpayments made or paying what is owed to you.
Your FTB Balancing Schedule
The ATO says that Services Australia can take a max of 28 days to complete the FTB, but they might not take that long if a lot of assessments have to be done. Other people might take longer than 28 days because updates have to be processed one after the other. This is the corresponding balancing timeline that is matched with other balances.
Payment balances that have been adjusted.
There’s no need to make phone calls that might go unanswered just to find out the status of the FTB balancing Services Australia makes service available to its clients using the web. This digital service tracks FTB balances and allows its lenders to have control over how much they owe.
Why Is There FTB Balancing
Any overpayment balance can be rectified using the FTB and prevent people from over-romanticizing gaps that they might owe within a certain timeframe. To get the most out of the government’s subsidized financial aid, the information given to them must be kept up to date and accurate.
Keeping Yourself Up To Date
Keeping an eye on your tax returns along with notices is very important. As soon as your tax return is filed, expect a return communication by the ATO, along with an FTB balancing. Services Australia provides tools for you to online which will allow you to track changes and avoid a nasty surprise. This will allow you to manage your finances with confidence and avoid an unexpected debt, or a lack of benefit payments.
FAQs
1. What causes FTB balancing to commence?
Balancing begins as soon as your or your partner’s income is updated by the ATO as a result of amended tax returns.
2. Should I tell Services Australia about changes?
No, the ATO sends the revised income information automatically.
3. What is the time it takes to complete the balancing?
The balancing takes maximum of 28 days after the revised Notice of Assessment is received. If the returns are filed at different times, balancing might take even more than 28 days.
4. Is there a way to confirm that the status of my FTB balance adjustment is active?
Yes, you can see the status on the Services Australia website.
