FAO/ATO and tax time reconcilliation

[bearymum]

Thank you BG.

We have paid no tax, so is it just fao i have to notify or the ato as well?

[briggsy's girl]

generally you need to notify both. ATO is a simple form you fill in. FAO is a phone call that you can do in a few minutes

[bearymum]

Thank you very much for your help BG

[Rainbow_Mumma]

BG I have a couple of questions regarding this hopefully you can help me out

Ive done my income estimate via online services and said i dont have to lodge a tax return as i earned under $6k and was advised to do this by a tax agent now DH has only just lodged his tax 2 days ago so I should see some money within the next say 4 weeks?

Another question I owe $144 to centrelink (not for advances it classes as owing the commonwealth so i cant apply for advances) we said yes on the e-tax program for DHs tax to pay any debt of my owing, a) does that include this debt? and b) do i still get some money due to this?

Also Im trying to budget and have no idea how much centrelink even pay around tax time, does it depend on DH's ATI? is there some way of finding out before hand how much i will get?

i know my questions sound really money hungry lol but i have a lot of bills to pay!

[Fleur]

are you able to tell me if reconcilliation is the same as the $711 supplement per child??

yes, reconcilliation includes the supplements

Sorry if I'm wrong or missing something

I just got 2 payments one around $300, the other just over $2000. When I logged into my Centrelink thingo, it said they were reconciliatiion top ups (part A & part B)But the $700 -odd per child would mean we get $2800 supplement? Or is it reduced by income?

So ...would this reconciliation amount include our supplements? Or should they be coming later?

Aww geez BG, you are going to regret starting this thread but TIA

[briggsy's girl]

Fleur, the 300ish was your ftb supplement (i'm assuming you had a nil income and got ftbb through the year)
the 2000 would be your supplements. if you underestimated hubby's income, you may have lost part of your supplements to pay back what you were over paid fortnightly. if his income was up over 100k you may have gotten less per child. your youngest princess looks like she was born during the financial year so you wouldn't have gotten teh full amount for her either.

if you're concerned that it doesn't sound like you have received the correct payment, contact FAO

[mrshoto]

Hi ladies,

Just wondering if anyone can help me understand.

We recently done my husbands tax, 4 years worth of. I have just received the latest 09/10 NOA back and centrelink paid my supps and what was owing.
We over estimated by quite a bit for the other years, when they eventually get around to doing our refund/ NOA at the ATO (which Im not expecting for a while), does the FAO still be advised and will they have to back pay me for those years that we over estimated or does it not matter now as the years have already come and gone and we missed out?

Also does anyone know if the previous years will be treated the same as last financial year as in timeframe or does that get put on the bottom of the pile? Maybe its obvious seeing I did already receive the 09/10 NOA huh?

[briggsy's girl]

BG I have a couple of questions regarding this hopefully you can help me out

Another question I owe $144 to centrelink (not for advances it classes as owing the commonwealth so i cant apply for advances) we said yes on the e-tax program for DHs tax to pay any debt of my owing, a) does that include this debt? and b) do i still get some money due to this?

Also Im trying to budget and have no idea how much centrelink even pay around tax time, does it depend on DH's ATI? is there some way of finding out before hand how much i will get?

i know my questions sound really money hungry lol but i have a lot of bills to pay!

depends on what sort of debt the money is owed for. tax returns are only used to repay ftb reco debts (either from this year or previous years) - any other debts you'd have to pay manually

if you accurately estimated or overestimated, you would get approx 711 per child and, if you qualify for ftba, another 338 (i think). the ftba supplements (711 per kidlet) reduce once you get over a certain income though so this is an estimate (the limit is around 102k from memory for one child - and then supplements reduce)