Can anyone help me. When I rang a while back to update my income estimate I was told the supplement would go through within the first 2wks of July. Today I've been told they don't start going through until the 15th July. Anyone know when it goes through. TIA.
the FTB supplement is a part of your FTB payment that is held back until the end of the financial year. basically, because you have to estimate your income (which is damn hard) it's a bit of a safety net - if you under estimate, rather than getting an immediate debt, they take the amount out of your supplements before you get them
for single customers that have been on an income support payment all year, they will start processing these on July 15. it will take 2-3 weeks to process them all into peoples accounts.
if you are single and have not been on income support for the bulk of the year (i think the cut off is 300 days or something) OR you are partnered, you will need to wait until your tax return is done - the ATO provide your details to FAO automatically. it usually takes about 2 weeks from when you get you tax return notice of assessment. BOTH partners need to have done their tax to get this. (last financial year the ATO switched their systems over and there were MAMMOTH delays, so don't hold me to this time frame!)
if you have no need to lodge a tax return (nil or very low income) you will need to notify BOTH ATO and FAO that you have no need to lodge.
my understanding is that Reconciliation (processing of payments) has started on friday - but it will only be for customers who both don't need to lodge (situations like one partner on parenting, one on disability - both for over 300 days of the year) who have received all of their payments for the previous financial year. (if you get your FAO payment on monday, it has been processed this financial year so all previous financial year details have been done). the mutual linkage between ATO and FAO won't open until around the 15th i believe.
FWIW - getting your taxes done throught ATO before the 15th may actually delay your payments coming. this is not something "official", it is something i have seen myself - from what i can gather, the mutual link system will only allow so much "traffic" each day - so when the system establishes that link, it allows through THAT days results, plus some of those processed from the 1st to the 15th. the next day, same thing - until all those early ones are processed acrossed. i don't know this for fact at all, it's just something i have witnessed myself
I havent earnt any money for the last tax year, I recieved PPS for the last 6 months and before that I was living with my husband and was a full time SAHM. I want to know if i need to do a tax return or just ring and let them know that I wont be lodging a tazx return this year.
Widdly - check with Centrelink, from memory PPS is a taxable income.
ETA: found it: http://www.centrelink.gov.au/interne...029_0909en.pdf
so as it's a taxable income, you'll need to do a tax return. Have a look at e-tax, it's really simple and the data *might* be available online from Centrelink. Might not be though.
I went on the clink website yesterday and it told me I get my FTB supps tomoro. What I am confused about is clink told me I would get money back that got taxed out of my PPS... Is this true or did they mean the supplement? Caus I filled in my etax and double checked it and it doesn't say I'm getting a return? Haven't lodged it yet caus I wasn't sure if it wa correct?
the supplements will only show on your online services once they are processed - which is 2 working days before it hits your bank account
TM - the money you have paid as tax has to come back through your tax return - if it's not showing up there, you need to check with the ATO and see if you have missed something on etax
Sure do, Squid. If you or your partner receive any income that is not from clink during the financial year, then the sups wait for the tax return reconciliation. It is just in case you were overpaid during the year so they can fix it up without slugging your regular payments.
I lodged DH's tax return on e-tax on Thursday night, I just checked Centerlink online and my supplement is going in on Thursday. Our tax refund hasn't even been credited to our bank yet. Looks like Centerlink are on the ball this year!!!
That is quick ladies - fantastic!!! Don't forget to have a little treat. We always go out for tea as a family and order anything we like, it's not much but it's something, then use the rest to pay bills/savings or whereever it's needed
We over estimated not on purpose but our business got quieter than expected last financial year( 08/09) we recently filed the tax returns and I ended up with some fta which was unexpected and the ftb, ccr and ccb were adjusted too.
at the end of the day it goes on your actual income - that's why you need to get all your tax returns in so they can see what you got/ against what you are entitled to.
Yes, Glam. If you are on a reduced rate of FTBA+B and you have overestimated then you are entitled to backpay. Much like your friend I always overestimate - however mine is not for the backpay, it is on the off chance we might pick up a half way decent client and could effectively end up with a lot more income. Its not that I do want backpay - its that I dont want a debt. However the last year my DH worked for someone else the family estimate was around 70k and the end of year total was actually under 40k so I got around 9000 that year with the sups and backpay. For a while there my online services looked even... more impressive, LMAO. I obviously called them immediately and got that sorted because I could not for the life of me even think of in what universe that could have been even remotely correct. I think somehow it just doubled what I was supposed to get.
Registered User
Family tax supplement
Reply With Quote
Bookmarks