That's good news on the first bit, no tax to pay on it.
1 July 2009 would be fine. That way no affect on 2008/09 Family Tax benefit. If you still have FTB childs from 1 July 2009 ask centrelink to pay your FTB at the nil fortnightly rate. That way your entitlement will only be assessed after you lodge your 2009/10 tax return. cannot be overpaid, you may not receive 1 red cent but still not overpaid.
As to Youth Allowance you should be safe until 1 January 2011, when 2009/10 kicks in. Just don't mention anything to Centrelink about the payout. It is not a notifiable event for Youth Allowance so they do not need to know.
