Deadline to lodge tax returns to claim family payment

Clients who have received the Family Tax Benefit (FTB) and the Schoolkids Bonus payments in 2013/14 have been warned to lodge their tax returns by November 2015 if they have not already.

The risk of late or non-lodgment of tax returns means clients will incur a debt and will have to pay back all of the payments they received in that financial year.

As eligibility for FTB payments are based on family income, clients and their partners must lodge a tax return to have their income confirmed by the ATO. If clients have low levels of income and do not need to lodge a tax return, they must still notify Centrelink of their situation.

Clients can notify Centrelink of their circumstances via their Centrelink online account through myGov or the Express Plus app.

Clients who may be involved in such arrangements should contact the ATO to make a voluntary disclosure or seek a private ruling.

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COMPASS financial management (A.B.N. 43 235 905 061) is an authorised representative of Charter Financial Planning Ltd, Australian Financial Services Licensee


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