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15 Jun 06 Recovery of previous years' FTB debts: changes from 1 July 2006

The ATO has published a factsheet entitled "Recovery of previous years' family tax benefit debts: changes from 1 July 2006". It explains that in the 2005-06 Federal Budget, the government announced that tax refunds, and family tax benefit (FTB) top-ups would be used to recover FTB debts from previous years. This policy will be implemented for all income tax returns lodged on or after 1 July 2006, and will affect FTB clients with current or previous years’ FTB debts.

For more information, go here

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