FAO/ATO and tax time reconcilliation

[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