The provisions within the Family Assistance and Other Legislation Amendment Bill 2013 which provided for the repeal of the Baby Bonus (BB), have now taken effect.
The BB will no longer be paid for children born or adopted after 1 March 2014.
FTB Part A will be increased to replace the BB for children who are born, taken into care for at least 13 weeks or placed for adoption after this date.
The increase will be $2,000 for a family’s first child and $1,000 for subsequent children. An initial payment of $500 will be made, with the remainder payable in fortnightly instalments over a three month period.
Also, a person with children born within 13 months of each other will have the benefit of their initial Paid Parental Leave period contribute towards the work test for the second child.
Do you have any questions, please let us know. Send your email to info@mywealthcare.com.au
