Once you have completed your tax return and the ATO has finalised your Taxable Income then the information is automatically forwarded from the ATO to Centrelink. The Centrelink system then completes reconciliation where it looks at what you estimated compared to what you acutally earnt. ( Reconciliation won't occur until both members of a couple have completed the tax).
From there it is deteremined if you are entitled to a top up, or if you have been overpaid. There is a approx $600 supplement that is designed to help off set any overpayment. (This is pro rata depending on where in the fin year your child was born) If you don't have an overpayment then you will receive this payment in full with your top up payment
Reconciiliation also occurs at the same time for Child Care Benefit.
Also as of 08/09 tax year you can no longer claim your FTB through accountants all claims are completed through Centrelink, if you haven't claimed fortnightly through the tax year you need to complete a lump sum claim form once you have you Tax assessment notices back.
if ALL you receive is FTB there is NO payment summary. if you receive any other TAXABLE payment (PPS/PPP newstart, youth allowance, austudy) then you need one.
reco will automatically occur when FAO receives the details of BOTH partners - and it may be delivered (if you're entitled to a top up) either with your tax return or via your nominated bank account
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