Page 2 of 2 FirstFirst 12
Results 19 to 20 of 20

Thread: FAO/ATO and tax time reconcilliation

  1. #19

    Join Date
    Dec 2006
    Location
    In my own private paradise
    Posts
    15,272

    Default

    Quote Originally Posted by Fleur View Post
    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)

  2. #20

    Join Date
    Aug 2007
    Location
    Melbourne
    Posts
    2,654

    Default

    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

Page 2 of 2 FirstFirst 12

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •