Estimating income

[OceanPrincess]

I just received a bill from C'link due to our income estimate for the last financial year being less than our actual income once our tax returns were completed.

Couple of questions for someone in the know...

Can I check how much I was paid somewhere? Online or over the phone? I know I can go through my bank statements... But is there an easier way?

This year, I want to over-estimate our income so that we don't get another bill. If I do that, and they don't pay us enough, will we get a refund??

Thanks,
OP

[shellbell3]

We always over estimate by fair bit. I don't have set salary working shifts and weekends give me extra rates so I work out rough idea and add on extra then at tax time we get $$ and it's nice getting that lump sum.

Not sure bout working out what you've been paid. I assume maybe they could give you printed statement of all the entitlements you've received?

[Beautitude]

On your statement that you get from the FAO it should say how much ftb a & b you received for the financial year and what you were entitled to. I'm not aware of another statement you can get that details that info but it's been a couple of years since I worked there so that may have changed. BG may be able to answer that better.

In terms of ftb yes if you overestimate and at the end of the fy it turns out you should have got more ftb than you did you will get it in a lump sum. Please be aware however of the two components of ftb as this where I found alot of people got bills as for example their combined income was overestimated but the lower income earner income was underestimated therefore they still got a bill.

You can also choose to get no ftb during the financial year and get it all at the end of the financial year if you are unsure if your estimate.

Hope that helps .

[toomanyshoes]

We always over estimate by at least 10% usually more.

We claim everything at tax time just to make sure as well, but yes if you over estimate and get payments throughout the year come tax time you'll be paid the difference. And you should be able to call up and ask how much you were paid.

[OceanPrincess]

Thanks guys, we might adjust for this current FY then... A bit of a repayment at tax time will work. Might give them a call...

[megs]

As the other posters have mentioned you can over estimate your income, but their is also to components. FTB A which is the combined family income and FTB B which is the in cases of single parents they automatically receive and in couples it depends on the amount the lower income earner receives. Sometimes if the secondary income earner starts working it is very easy to get an overpayment with the Part B component.

You also have options on how you would like to receive your payments you can receive all fortnightly. FTB A a minimum rate and the rest paid when you lodge your Tax Return, you can elect to not receive part B until then end of the fin year.

A good place to look in on the Centrelink Website, the have an FTB Estimator, you came put in different figures and see how it will effect the rate you are entitled to.

[Miss.September]

You also have options on how you would like to receive your payments you can receive all fortnightly. FTB A a minimum rate and the rest paid when you lodge your Tax Return, you can elect to not receive part B until then end of the fin year.

We did this instead of getting fortnightly payments, for both A & B and we found it to work really well for our situation. If we had gotten it fortnightly, it would've been spent, but by getting it in a lump sum, we actually got just shy of $6000 so we've been able to save it. Totally off the track, but thought I'd put it out there

[BeautifulMadness]

id be lost without getting it every fortnight.....paying for kinder and bread and stuff for sandwhichs blah

[megs]

Everyone is different some rely on it fortnightly for that exact reason, others can have it all in a lump sum. My DH is a farmer and it is hard to estimate his income so it is safer for us to receive a lump sum. I find that the lump sum then helps us to pay for things throughout the year until the next payment comes.

It is just good that people have different options, it doesn't have to be all or nothing, you can choose to get some fortnightly and some in a lump sum