estimating ur income

[Trillian]

It has to be done on gross income, not net. If you find it hard to calculate being self employed, add on 10% of what you expect to earn to cover any extras.

[sassy123]

crap that means i have under estimated really bad. lucky i checked.
I always thought it went off profit and loss for self employeed people.

[Lulu]

Oh my poor old brain....uuummmm....trying to remember the Self Emp thing.......ummmmm I think you would go off what the ATO would consider your gross income.

It would go off a Profit and Loss for a parenting payment and you would have to lodge one every three months but not for FAO as it doesn't matter what happens through the year, just the end income result.

At the end of the day it will be reconciled with ATO anyway so here's hoping it works out fairly even for you. HTH??!!

[Ann14]

Hi Sassy123,

Centrelink looks at your taxable income for Family tax benefit not your gross or net. If the ATO advises your taxable income is 11k then that is what Centrelink will use. I would ring back and talk to somebody else if you are still worried.

Good luck

[briggsy's girl]

yup, it's based on taxable income - so only the bit that the ATO actually taxes you on after deductions.

[sassy123]

thanks for the replies.
i can stop stressing now.