Thanks, I have put in my tax which is a loss which as I know gets reverted to zero for FAO, can I advise non lodgement in that case even though I have lodged one since the end result is the same?
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Thanks, I have put in my tax which is a loss which as I know gets reverted to zero for FAO, can I advise non lodgement in that case even though I have lodged one since the end result is the same?
nah, just wait on it coming across from ATO, cos if there ends up showing anything at all on the notice of assessment (rental properties run at a oss for ATO, but that loss is an income for FAO - so you're not getting double benefit for the "loss") so you're best to wait so you don't get nasty debt if it comes across like that
Thanks for the reply BG. I do get FTB each fortnight, so does that mean I don't get $600?
No it's not rental property losses, it's business losses...ATO only JUST started processing claims and I need the money ASAP before my baby arrives in under 4 weeks! Have to pay OB bill and get car seat etc plus preemie clothes :(
yep - you still get it (provided you estimated right on, or over estimated your incomes)
the supplement is essentially a part of your FTB that you don't get each fortnight - it's just held back in case you don't estimate right - it is taken first, and then if you still owe money, you get a debt - it's reduced the amount of ftb debts massively cos the supplements "pay" that debt first
linda - if you've lodged a tax return, you're not able to tel FAO that you're a non lodger - you have to wait for it to come through from the ATO
Ah... that's excellent. I underestimated DH's income by $4000, but over estimated mine by $5000, so it works itself out. Are you an accountant or do you work for Centrelink??? :)
Bugger, should have just not lodged! I only get $140 from old baby bonus from tax and would prefer my lump sum from FAO sooner. ATO can take awhile to process, then it has to go to FAO and wait until they process their stuff too. I lodged on the 1st thinking it would likely be processed straight away then someone tell me they didn't even start processing until yesterday!
Hope it's done soon, i'm desperate right now! OB fee is $2300 :doh:
celsie, i could tel you, but i'd have to shoot you!! :p
i can say i don't have a degree of any sort though... :lol:
Thanks for your help BG, much apreciated. Guesse I just have to hope that things move through the system quickly for me. Might have to lend the $$ for OB of ex, it's his baby too :p
awesome! Thank you for your help! :)
Well aren't you just a clever little bunny! :lol:
Thank you for all your help!
I just ranf the FAO to find out how much longer till the lump sum is paid and informed them my income was zero since they asked :lol: Anyway they told me they will be starting them on 16th so anytime after that, must be a generic response for 'I don't know' since I know some already have theirs and it's not yet the 16th :rolleyes:
So basically no help whatsovever!
i am sooo lost with this....so i gotta wait till my hubby puts in his tax return? i get part a and b do i get anything lol
beautiful madness - if you're not lodging a tax return you need to notify both FAO and ATO of that fact - then you have to wait for DH to do his taxes before supplements will be paid
Linda - if you are single, have been on income support (newstart or parenting payment) for the full financial year (or for at least 300 days) your payment will be automatically processed sometime from 16th of july through to the middle of August. not everyone can have their payment processed on the same day, so they are randomly generated from that day over a period of a couple of months. it's not a case of "i don't know", it's a case of "you'll be processed when you're number is up"! if you weren't on income support for the full year (or at least 300 days) you'll have to wait for everything to be processed later.
those individuals that have already received payments are generally members of couples in which neither couple is required to lodge a tax return. they've notified FAO of this, and their payment has been generated. unfortunately, not all payments are being processed immediately - as some people, even now, still haven't received their entire payment for 2008 fin yr (those who were paid on the 1st of july had their payment processed on june 27, so still have several days they need to be paid for - this holds up their potential reconcilliation...) - i guess it's just a waiting game for you now
Yeah, I've only been on parenting payment since April, so don't meet either of those criteria. It's just so annoying the time it takes when you are desperate for the money. I had to get the ex to pay my phone bill today since I realy need it on incase I need to ring my OB etc...being high risk makes it that much more important!
I just hope bub doesn't come in 2 weeks cause I have no car seat or pram and essentials for her, just cot and hand me down clothes from the other kids.
I'm not even so worried about the bathroom/bathtub now as I am in getting her stuff together since I found out yesterday they might induce at 32 weeks!
Being a single parent moneywise sux, had to scrimp on shopping this week with only $200 to feed me and 5 kids since the OB bill had to be paid, was really expecting my money early-mid next week given the 14 days for tax return, but I guess that won't happen now so we all just have to do without. Which also means I can't make my next OB and Specialist appointment which is a huge deal as my specialist does my scans and her last scan wasn't looking good......o.k stopping now cause that brought tears to my eyes :( and once I start crying I won't stop cause i'm so worried about her.
O linda, hang in there hun. Look at the end of the day Im sure your OB can stand to wait for his payment for a few weeks. Not like he is ever gonna go broke in the near future, and you are doing it hard, really hard. You CANNOT go without the scan, OBs are human (apparently!), give the office a call and explain. OK?
Yes it sucks the big one about scrimping, come and have a big biatch in the single parents thread if you think it may help...
ok im really confused with mine as i am on parenting payment not working and get FTB part a and part b and am still waiting on my "$600" payment but because i pay tax out of my payment for some stupid reason which is only $140 for this year dose that mean i have to do my tax befor i get the payment???????
and also how do i go about doing tax for the previous years that i missed :shhh: without seeing an accountant?
Go and get a tax pack from the newsagents, there is a huge book that helps you do it yourself.
You will have to lodge the return if you pay tax and your payments cannot be reconciled unless the ATO can send the info to FAO to release any payments due.
littleones - if you're receiving parenting payment and want that tax amount back (the $140) back, you will have to do a tax return - if you're partnered, nothing can be completed til both you and your DP do your taxes.
BG i worked one day in the past year, was paid $195 of which no tax was paid, i still recieved a group certificate so because of this do i need to lodge a tax return?
you'll be under the tax income threshold - and you're not trying to claim anything back, so all you'll need to do is notify the tax office you won't be lodging a tax return, and then notify the FAO that you're not lodging - and what your income was
if you received any parenting payment, you'll need to declare that income as well...
Anyone have any idea how long it takes from Tax office receiving back your info from centrelink to them releasing your return? My stuff was sent back to the tax office on 15th July as apparently they are paying my supplement instead of FAO but it still is not processed. How long does this process take? As it was the actual assesment took the full 14 days before it went to FAO so I've been waiting 19 days already. Had to lend money off brother in law for appointment on Friday wich was a real pride killer! Have to pay him back monday out of FA which eats into my fortnightly expenses quite badly.
the FAO give ATO up to two weeks to notify if they have delivered the payment with your tax return - if they've not delivered it within that time, it is sent back to FAO, and delivered to your bank account within 2 working days. i guess it's "that time of year" where masses of payments are being processed - and as painful as it is for individuals waiting, there are a lot of people in the same boat, and your payment gets processed as soon as possible
Just peeves me when others are getting their returns in 4 days! I sure hope it's not another 2 weeks, otherwise rent isn't getting paid this fortnight and my baby is being induced in 2wks 3 days (34wks) and i have to pay excess upon admission. Nothing ever goes right for me :( I havn't even received the tax return yet, the whole $140 old baby bonus!
thanks BG!! dont recieve parenting payments just A and B
Hi
I lodged my tax on 9th July, it was in my account today. My actual income has been showing up on centrelink online services for days now. Does this mean centrelink have reconciled? If so, how long will it take to be processed?
centrelink will only reconcile if both you and your partner have lodged
if you're single and were on parenting payment single for at least 300 days this financial year, you may be processed in bulk reconcilliation which is anytime from now to july 28.
beware though - your FTB reconcialliation payments may have been included with your income tax return - you'll get a letter from FAO letting you know - so don't think that you've got your return and will get more - check your notice of assessment and the details from FAO
thanks bg
it definately wasn't included in my tax return, what will happen now. Usually it comes with my tax?
nah, as it's been said - fao try to deliver it with tax return, but if it's not, they return it to fao to deliver. once it's returned, it's issued to you within two days.
it might be that your return has been processed and received by ato and forwarded to fao quickly, but your partners may not have been received yet
Thanks
that's probably right, you are a huge help on this thread
I have been told that FAO are going to automatically roll out supplements after 16th July, even before reconcilliation. Is this true? What happen's then if you have overestimated?
they only auto roll out supplements for single parents who have been on income support payments for at least 300 days during the financial year
for all other scenarios you need to lodge your tax return or, if not lodging, notify of this
Myself and DH don't need to lodge tax returns which I have advised FAO and they told me payments are being made up til 25th July. Would the payment show up online on my account page?
Any info would be appreciated.
Regards,
Dianne
it will show up on the payment summary details when the payment is processed, which can be up til the 28th - but will only show two working days before it lands in your bank account
Thanks hun,
Would it only be updated in the morning or should I check throughout the day also?
thanks
Dianne
i'd only check once a day - if it's going to be processed, you'll see it early-ish - and if it does get processed later, you'll see it next day - there is always two working days from when a FAO payment is processed until it lands in your bank account...
Something I have noticed in some peoples posts is that they receive some parenting payment from centerlink as well as work either casual or part time.
So you are getting an income as well as a payment from centerlink.
Something they don't tell you unless you ask is Partnered Parenting Payment when teamed with a "work" related income is classed as a second income & should be taxed.
Partnered parenting payments are not pension payments & therfor are taxable if you also work.
I found this out a few years back when I was expecting x amount in my tax return but got about $500 less because I hadn't paid enough tax. When I looked into it it was because I had 2 incomes. PP & my work income.
SO moral of my story LOL, is have tax taken from your PP from centerlink (you need to request it) & if you can aford too, play it safe &have your work related nicome taxed at the higher rate. I did this after I learnt & always got a nice tax return back.
BG may be able to explain it better though.
FJ is right - parenting payment (both single AND partnered) are taxable incomes - and as such, if you're working as well, you may go over the income thresholds to have to pay tax. you can, at any point, have a dollar amount (ie $10) or percentage (10%) of your parenting payment deducted each fortnight to ensure you have paid enough tax
alternatively, you can ask your employer to NOT claim the 6500 tax free threshold on your employment income, so that you pay more tax from that income to cover any taxable parenting payment
this applies to almost all centrelink payments (excluding disability/carers payments) - all others, even though they may be "tagged" as pensions (single parent etc) ARE taxable
Wow Just read this thread and I still have no idea what is going on!!! I dont even know if I get FTB A or B!!! Guess I will just lob everything off to the accountant and let him deal with it all!! Had no idea you got MORE money after having a child!! Thought it was just the baby bonus and that was it!!
Am lost on this whole thing - life was simpler when it was just wages!! Not that I would give Caitlyn up of course!!