The government has announced the introduction of the FamilyBoost payment as part of Budget 2024. This new initiative aims to help families with young children manage the rising costs of early childhood education (ECE).
What is FamilyBoost?
FamilyBoost is a childcare payment designed to reimburse families for a portion of their ECE fees. After accounting for the 20 Hours Free and MSD Childcare Subsidy, households can be reimbursed up to 25% of their remaining ECE fees, with a cap of $75 per week.
Who is Eligible?
FamilyBoost is available to all families earning up to $180,000 per year who have childcare costs. However, to prioritise those in greater need, the maximum reimbursement will decrease for families earning over $140,000. Eligibility will be determined by Inland Revenue based on the past three months of actual reported income.
How to Apply
To ensure quick and accurate payments:
Submission Process: ECE invoices must be submitted directly through Inland Revenue’s online system, myIR.
Frequency: Parents and caregivers can submit their ECE invoices every three months via myIR.
Refunds: FamilyBoost will be refunded as a lump sum for the submitted period.
Key Dates to Remember
Start Collecting Invoices: Begin collecting your ECE invoices from 1 July 2024.
First Application Period: You can start applying for FamilyBoost from October 2024.
First Payment: If eligible and applied, the first FamilyBoost payment will be made in October 2024, covering the period from 1 July to 30 September.
By offering this new support, the government aims to ease the financial burden on families and ensure children have access to quality early childhood education.
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