The Family Bonus Plus or in short FABO+ is a tax credit available for all taxpayers in Austria with children who are entitled to obtain the family allowance.
This tax credit is henceforth adjusted to pave way for more family relief. Starting July 2022 a new rate takes place, which is as follows:
- A monthly increased rate from €125 (€1500 per year) to €166,68 (€2000 per year) for children under 18 years old, and
- A monthly increased rate from €41,68 (€500 per year) to €54,18 (€650 per year) for children above 18 years old.
For more information on the requirements and application for this credit, you can find it on the Austrian Finance Ministry website BMF.
Note: When filing for the individual income tax return, the FABO+ must be applied again although been previously applied through the employer in order to avoid any subsequent tax payments.