thread: Family tax benefit A - what is the most you can earn??

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  1. #1

    Jun 2010
    District Twelve
    8,425

    Thanks guys

    Do either of you happen to know whether fringe benefits are calculated at the grossed up amount or the actual amount?

  2. #2
    Registered User

    Jan 2009
    In my own little fantasy world
    2,946

    Sorry, I'm not sure. I would guess, whatever amount is on your PAYG Summary from your employer.

  3. #3
    Registered User

    Dec 2006
    In my own private paradise
    15,272

    Fringe benefits are included - but not the total amount

    the gross value of the fringe benefits is reported, but only about 53.5% f the grossed up value is counted as income

    so if your income is 50000 plus 10000 gross value of fringe benefits, your total income for FTB purposes would be 55350 (or thereabouts - can't recall if it's 51.5 or 53.5%)

    does that help?

  4. #4

    Jun 2010
    District Twelve
    8,425

    Okay, so the value of the fringe benefits paid (as per group certificates) is $58,033.

    So, for the purposes of FTBa, it would be calculated as that x .53% (approx).

    Then that is added to my taxable income, as well as DP's taxable income for our family income???

  5. #5
    Registered User

    Dec 2006
    In my own private paradise
    15,272

    yup, sounds about right!

    did you claim child care in that year at all?? if you did, the exact details will already be available to fao (and your online services)

  6. #6

    Jun 2010
    District Twelve
    8,425

    We weren't eligible

    Thanks for all your help