I swear every other yr i have been fine with my taxable income. i do daycare so my income comes down alot with my deductions or is it different as i am self employed.
i'm assuming, from the letter, that the ATO haven't deducted as much as you thought.
it would be your income after deductions but obviously what your actual income came out to is more than the current year estimate
you can check if online (go to your online services, family assistance, family income history (or something like that!))
you can look at your current year estimate, last years estimate, and if fao have your income, it should show it there for the 11/12 year as well
thanks bg didnt even think about looking on there.
I just checked and it shows our actual income for last yr as 69102 so it did to the taxable income. I had estimated 71k so we were under
but on the letter it is advising to put it up to 92K
I am thinking maybe it wants a gross income cause u never know how much the deductions will actually be so if u put the gross amount in then u are safe ifykwim.
ok, in that case, what's happened is that you have estimated x amount for you, y amount for your other half - your combined income is above last year, but one of you is under and the system is suggesting increasing one of those estimates
as an example (using very rounded numbers!)
estimated 10k for you, 60k for partner - 70k in total
actual last year was 30k for you 40k for partner - 70k in total
BUT, the estimate for you is waaaaaaaaaaaaaaay under the actual
SO
system sends out letter saying it needs to be fixed, you've underestimated
suggests 32k for you (to allow for inflation), no change for partner (as his 60k is well above the 40k he earned last year)
gives you an estimate of 32k for you, 60k for him, total 92k
you need to make sure the estimates are ok for both of you individually, not just your total together kwim?
thanks so much bg that makes heaps of sense when u put it that way. mine was heaps under this year and i am dh's was over by like 1k i think
you are such a life saver i am about to have a mental break down if i had to put the income up to what they said my % would of dropped so much and daycare would of cost wayyyyyyyy too much
yeah it's hard to make sense of it all sometimes unless you take it back to really simple stuff
just juggle your numbers a bit - bump dh's up a bit, and if you heaps over estimated yours, drop it down. you can still have your 71 total if you think that's right, just make sure the income is put to the right person
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