Hi jennjorja,

As Astrid mentioned earlier the FBT year is different for compliance reasons. To get your reportable fbt figure the company's FBT return needs to be completed. This takes time and the returns need to be completed and processed before your payment summary is issued on 15 July. FBT returns are due to be lodged at the end of May, so that's why the FBT year ends at 31 March.

I'm not a centrelink person but I do know they include reportable fringe benefits in your 'income' when working out entitlements to Family tax benefit etc. So this may have cause you to be overpaid. I think they take your reportable amount on your payment summary and times it by 0.535 to come up with the fringe benefits amount that is included as your income. so it might not be as bad as you think it's going to be?

Hope this helps a little.