Having had a couple of clients call as they missed the lodgement deadlines for family tax benefits it prompted me to think...How many other families have overlooked the change to the deadline?
Prior to the 2012-13 financial year the government changed the period that families were able to claim their lump sum benefits to 12 months, prior to this claims could be made a number of years after the eligible year.
This means that going forward families will need to ensure they get their claims completed and confirm income before the end of the next financial year.
For example, families claiming benefits for the 2014 financial year have until 30 June 2015 to finalise the claim.
What needs to be completed to ensure a smooth claim proceed?
- Ensure you have completed the relevant registrations with Department of Human Services
- Lodge the most recently passed financial year income tax returns for you and your spouse
- Lodge you lump sum claim form or confirm income levels of income prior to the end of the financial year
Although there is an ability to get an extension to the 12 month deadline, this is only granted with exceptional circumstances and simply suggesting you were not aware of the changes won suffice. The key is to follow the above 3 steps and avoid any issues altogether.
For more information regarding this matter please contact your advisor at HTA Advisory