FAO/ATO and tax time reconcilliation

[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?

[Fleur]

Nope BG, we were underpaid (well, I underestimated DH's pay by about 8000, I overestimated mine by 900. So our combined income was under by a few thousand). I though I might have had a small FTB debt, but it says it's a top up?

No worries, I will give them a call, maybe in a couple of weeks though

Thanks heaps

[briggsy's girl]

Nope BG, we were underpaid (well, I underestimated DH's pay by about 8000, I overestimated mine by 900. So our combined income was under by a few thousand). I though I might have had a small FTB debt, but it says it's a top up?

No worries, I will give them a call, maybe in a couple of weeks though

Thanks heaps

if you underestimated by 8grand for your OH, you might have had a slight ftb overpayment with your fortnightly payments. that's why the supplements are there - you have to have a fairly significant overpayment to eat up ALL of your supplements and still be left with a debt. it sounds like you had an overpayment of about $800 through the year, they took that from your supplements before they were issued. to eat up 2800 in supplements, you'd have to underestimate by near on 14k!

FTB is an annual payment, so you should have a letter that says we have confirmed your actual income (blah blah blah) - you were entitled to X amount including supplements. you received Y amount in fortnightly installments and have now been paid the balance (X-Y).

MRSHOTO - Fleur has quoted correctly - if you have just done taxes for 09/10, 08/09, 07/08 and 06/07, you will get the top up/supplements for 08/09 and 09/10 (if it was lodged with the ATO prior to june 30 you will still be eligible for 07/08 as well). if you overestimated in those years you will get no top up - if you underestimated though, debts will still be raised. if you have had a non-lodger debt raised against you for any ofthe previous years (highly likely) and have been paying that back, when your taxes are completed, if you are found to have been correctly paid in that year, anything you have paid on that debt will be reissued (the debt disappears so you are deemed to have overpaid it and it is returned)

[Fleur]

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?

I don't know all the ins & outs, but I'm pretty sure you have a certain time frame to lodge your return in order to receive top ups. Might not be the same year, but the one after?

ETA - Found it! Factsheet (it's on page 9, top left paragraph)

If you overestimate your actual family income and are underpaid during the year, your Family Tax Benefit or your Child Care Benefit will be topped up to your full entitlement after the end of the financial year. For this to occur, you and / or your partner must lodge your income tax returns within two years of the end of financial year for which you are claiming. Topups may be used to repay outstanding family assistance overpayments.

HTH

[Sammiejane]

HI BG...

I have a question, im sorry

DH runs as sole trader business and has a tax debt.
We have not collected any of our amounts this year as his income is hugely variable and i dont like to guess... so even for CCB i ask to have it set so that we pay full fees and then the amounts will come back to us later.

I was speaking to someone in the FAO a few weeks ago, i was telling her this and that i dont want to loose any of our refunds due to DH business, it is not related to the money that i pay in CC and i essentially pay for everything for MJ out of my wage, i will be really annoyed if any rebate goes towards his tax debt that has been accrued as part of his business operations.

She assured me that there was a box that could be ticked to ensure the money doesnt go to the ATO, but from your orginal post it doesnt seem like that is the case...
Could you please clarify this for me as i really am counting on this money coming in.

Thanks