Claiming Family Tax Benefit and Child Care Subsidy

Posted on 8 March 2022 | by Allan Hall

REMINDER: Claim Family Tax Benefit and Child Care Subsidy by 30 June

Confirm your income now for the 2020/21 year to receive the Family Tax Benefit (FBT) or Child Care Subsidy (CCS).

You need to confirm your income by lodging your tax return for the 2020/21 year, or advising that you do not need to lodge a tax return, no later than 30 June 2022, if you wish to:

Submit a claim for the 2020/21 year for Family Tax Benefit (FTB) (lump sum)
Submit a claim for the 2020/21 year for Single Income Family Supplement (SIFS)
Ensure you continue to receive your Child Care Subsidy (CCS)

If you DON’T do this:

You will not receive your FTB supplements and top ups for the 2020/21 year
Your CCS will reduce to zero – Services Australia will balance CCS once they receive:
- all attendance information from your child care service
- confirmation of your family’s income
You may also be required to repay all the FTB and CCS you got for the 2020/21 financial year.

If you are eligible the Child Care Subsidy (CCS) is paid directly to your child care provider to reduce the fees you pay. CCS claims can only be backdated by 28 days. CCS replaced Child Care Benefit and Child Care Rebate when they stopped on 1 July 2018.

Act now!

To ensure both you and your partner’s Tax Returns are lodged on time, please contact your Allan Hall Business Advisor or simply click below.

We are anticipating a high demand off the back of this article. To enable us to lodge your returns by the 30 June deadline, we would encourage you to send in your information as soon as possible and no later than 31 May 2022.

NSW Before and After School Care (BASC)

Posted on 1 February 2022 | by Allan Hall

Boosting budgets with before and after school care savings for families

Key points

Parents and carers of children enrolled in all primary schools in NSW will benefit from a new $155 million program for Before and After School Care (BASC) services to provide greater support and access to BASC services.

Every family with children at a NSW primary school is eligible for one voucher per child, which will provide each child with approximately 60 sessions of free BASC.
BASC providers will be able to register to redeem the vouchers from 7 February 2022 and parents will be able to apply for and utilise the vouchers from 28 February 2022.
Vouchers will be delivered through Service NSW and will follow a similar premise to the current Dine and Discover Vouchers.

The $500 voucher will assist families that use BASC services by covering the parent gap fee component of their session fees as families return to work following the holidays and contemplate juggling the demands of supervising education at home while working remotely, or even foregoing paid work.

The NSW Department of Education has partnered with Service NSW to roll out the program. The vouchers for before and after school care will help alleviate some of the financial pressures on families.

Families can apply for, store and redeem their BASC vouchers via the Service NSW app, similar to Dine & Discover and other vouchers like Active Kids and First Lap.

Eligible families will receive vouchers via their app just like the Dine & Discover program with providers able to scan the QR code on the spot or use the unique voucher code to redeem.

Providers and customers can register and apply online via a MyServiceNSW account, in the app, or by visiting their nearest Service Centre.

Please be aware that there is a high level of scamming activity around COVID-19 rules and regulations and, in particular, grants and relief. These scams are increasingly sophisticated and many involve impersonation such that they may appear to come from legitimate advisors (such as Allan Hall).

At Allan Hall, we will never request money upfront, deposits, transfers to personal accounts, payments via gift cards or other unexpected or unusual payment methods. If in any doubt, contact us via phone before taking actions that appear to be at the request of Allan Hall.

Financial advice helps you achieve more

Posted on 20 December 2021 | by Allan Hall

Whatever you want to do, you’re more likely to do it with the help of some sound financial advice.

We all have something we’d like to be doing more of. It could be spending more time on hobbies, less time at work and more time raising a family, more time travelling the world or reducing working hours as we get closer to retirement.

One thing we all want to make sure of is that we have a steady income stream to make the most of what we really want to do – now and in retirement.

That’s where the power of financial advice has been proven to help those with a goal achieve what they want.

Of those who set goals with a financial adviser, 86% said financial advice helped them achieve their goals.*

This key insight came to light in a groundbreaking survey of over 12,000 Australians in conjunction with CoreData. It found the benefits of financial advice helped no matter your age, wealth or gender.

So, if you want to achieve your very own goal and have a comfortable life, it’s more likely to happen with some financial advice.

We can provide you with professional advice for your financial planning needs. Call us today to arrange a meeting.

General Advice Warning

The information contained on this website is general in nature and does not take into account your personal situation. You should consider whether the information is appropriate to your needs, and where appropriate, seek professional advice from a financial adviser.

Mark O’Connell, Robin Bell and Allan Hall Financial Planning Pty Ltd are Authorised Representatives of Consultum Financial Advisers Pty Ltd ABN 65 006 373 995 AFSL 230323.

Source

*IOOF Survey 2020: The True Value of Advice – A study of 12,643 Australians is an Authorised Representative of Lonsdale Financial Group, ABN 76 006 637 225, AFSL No 246934. This is general advice only and does not take into account your objectives, financial situation and needs. Before acting on this advice, you should consult a financial adviser.

Four Ways to Teach Children Healthy Money Habits

Posted on 15 November 2021 | by Allan Hall

Set a good example in doing a healthy money habits for your children with just a few simple changes.

As a parent, you try to ensure your children have the skills to make smart financial decisions. For example, you tell them about the importance of saving or the power of compound interest.

But did you know that you could be sending them negative money messages without meaning to?

Here are four common ways you could teach your children healthy money habits.

1. Revealing the magic behind digital money

Your children have likely seen you pay for hundreds of transactions without glimpsing cash changing hands. For small children, it can seem like money problems are solved with magic – just wave or tap a plastic card. This makes it important to discuss the value of money with them. A good way to start is to explain how your earnings get deposited into your bank account and how you use this account to pay bills. For older children, consider showing them how taxes are deducted from your salary.

2. Spending wisely

Frequently buying things on an impulse could send the message that it’s fine to spend without planning. Sticking to a budget is key to avoiding impulse-buying. To set an effective budget, consider working with a professional financial adviser. Your adviser can develop a budget that factors in your income, expenses and financial obligations.

3. Teaching them independence

It’s convenient to do everything for your children. But by giving them a chance to have their own money and decide how and where to spend it, they could learn powerful lessons about budgeting. For adult children, always offering them financial help can create a cycle of dependency. Letting them make their own money decisions could help them develop financial responsibility.

4. Including them in budgeting

Many parents keep household financial planning and budgeting to themselves. While you don’t have to fully involve your children in managing your family’s finances, giving them a role to play, such as getting them to do grocery shopping using a set budget, can teach them lessons about money. If your children are old enough to earn some income, why not help them set their own long-term financial goal?

Using your influence positively

You can strongly influence your children in relation to money, so it’s important to pass on smart money management skills. If you don’t know where to start, consider reaching out to your financial adviser to help you stay on top of your finances through proper planning and budgeting.

General Advice Warning

Mark O’Connell, Robin Bell and Allan Hall Financial Planning Pty Ltd are Authorised Representatives of Consultum Financial Advisers Pty Ltd ABN 65 006 373 995 AFSL 230323.