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I'm acutally excited this year as I have also over estimated by $20,000 (got caught out last year and ended up with a debt) and we didn't get our FTB through the year so we should get that too. I'm hoping and praying that we get a nice payment from centrelink, fingers crossed!! The main thing is I'm hoping that I haven't stuffed up again and we end up with another debt.
Is the supplement we are talking about the $600 that we got last year for each child??
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Yes - but this year it is $711.75 per child.
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$711.75 per child, WooHoo!! But before I get to excited is that $711.75 means tested?
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Only in total with all FTBA. So long as you were financial eligible for a part or whole payment of FTBA during the year, and you did not underestimate leaving yourself with a debt that can absorb it, you will be eligible for the FTB A Sup. It is pro-rata so I cant remember if you went over into July like I did so I will just say that its 711.75 for the whole year. For Phoebe I am only going to get around $690 as she doesn't qualify for 11 days.
geeze @ $711.15 this year !! that is an extra $300 I wasn't expecting. I was just assuming it would still be around the $600 mark per child LOL.
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What happens if you overestimate your partner's income? Do you only get the supplement payment or do you get backpay as well? I missed out on the supp last year as DH did some OT and got a pay rise mid-year I wasn't aware of (only 20c an hour but it added up!!) so I ended up with a few hundred dollars of debt, this year I'm 99% sure I've overestimated DH's income but still don't know how it all works with FTA and FTB lol :/ If you have overestimated, the supp is all you get, right? Someone (who doesn't have a clue, mind you) was telling me that she overestimates every year so that come tax time, she gets 'heaps of backpay on top of the $600 per kid', I've never heard that before so I'm assuming it isn't true? Would be nice to get the supp payment this year though, I have a BB meet-up account that needs an injection
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The other lovely ladies have already confirmed I think but just to double confirm - if you have overestimated your income, you will be paid arrears for whatever you were entitled to throughout the financial year, plus the supplement payments. Once you have lodged your tax return, it will be reconciled automatically and the backpay sent to you
What happens if you overestimate your partner's income? Do you only get the supplement payment or do you get backpay as well? I missed out on the supp last year as DH did some OT and got a pay rise mid-year I wasn't aware of (only 20c an hour but it added up!!) so I ended up with a few hundred dollars of debt, this year I'm 99% sure I've overestimated DH's income but still don't know how it all works with FTA and FTB lol :/ If you have overestimated, the supp is all you get, right? Someone (who doesn't have a clue, mind you) was telling me that she overestimates every year so that come tax time, she gets 'heaps of backpay on top of the $600 per kid', I've never heard that before so I'm assuming it isn't true? Would be nice to get the supp payment this year though, I have a BB meet-up account that needs an injection
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I defer FTA B, just a few weeks ago received a letter saying we hadnt done our tax for previous year which was crap, I rang them and they did a few things on comp and a week later i receive a letter saying $800 going into my account!!! was very excited!!!!
Whats the $711 you are talking about is that for A or B?????
It is Part A and is per child
Part B is $350 something and is per family.
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Ahh ok cool thanks
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Does everyone get part a?? All these supplements/allowances/benefits confuse the life out of me. I just can't keep it all straight. I just wait and see what comes and pray I don't end up with a debt.
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Indeedy doodie! I lodged our returns on Saturday and I checked OLS today and they have our "Actual income" already. Looks like that new system they were trialing (and driving us barmy with) last year is up and running smoothly!
About time, IMO. In this day and age with it all being done by computers anyway, it shouldn't take "up to 21 days".
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