It’s time to get prepared for the new financial year
18 April 2019
If you get Family Tax Benefit (FTB) or Child Care Subsidy, we need your family income estimate for the new financial year.
The start of the new financial year is drawing near. That means it’s time to update your family income estimate for 2019-20.
We’ll be writing to you soon to let you know if you need to take action. So keep an eye out for a SMS, email, letter or online letter from us.
Why we need your estimate
Your family income estimate is important. It helps us work out how much FTB or Child Care Subsidy you get throughout the financial year.
At the end of the financial year we’ll compare your estimate with your actual income. Then we’ll balance your payments.
If you underestimate your income, we may pay you too much in the year and you’ll owe us money.
If you overestimate your income, we may not pay you enough. If this happens, we’ll pay you a top up when we balance your payments.
That’s why it’s important that your estimate is accurate and up to date at all times.
When estimating your income, you should not include any FTB, Carer Allowance or child care payments you get.
How to update your family income estimate
The easiest way to do this is using your Centrelink online account through myGov. You can also use the Express Plus Centrelink mobile app. Make sure you've downloaded the latest version of the app first.
You can use our online guides to help you:
- update your family income estimate and payment choice for FTB
- update your income estimate for Child Care Subsidy.
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Page last updated: 29 April 2019