thread: overestimating and school kids bonus??

Hybrid View

Previous Post Previous Post   Next Post Next Post
  1. #1
    Registered User

    Dec 2007
    1,794

    It is higher for CCB than FT.. But I honestly don't remember the amounts, sorry. But in our situation, DH went through the levels at work quicker than we (he/they) all thought and put us in a much higher bracket than we were expecting last financial year. It was more realistic for us to have expected it this financial year. We upped his income to what we thought realistic, but unfortunately it wasn't enough. When we realised he was going well over, we stopped all FT payments, but I had already been paid a few months of FT, and on our new estimated figure was still entitled to a little CCB.. I kept an eye on my earnings making sure I wasn't earning too much for certain cut offs.. I knocked back extra days etc, and would have been $300 below, but work gave me a $1K in the last pay of the year, that tipped me over! And we also then weren't entitled to any of the CCB either, so the minimal amounts all add up and had to be paid back..

    But there was nothing we could do.. We made the estimates with what we were faced and believed at beginning of financial year.. And with the bracket we started on, we needed the FT and CCB, but things change.. If you suspect at any time you are going to go over what you estimated, adjust your figures early, as a small amount could end up costing a lot!
    Last edited by Doing my best; February 6th, 2013 at 06:27 AM.

  2. #2
    Registered User

    Dec 2006
    In my own private paradise
    15,272

    Yes, if you underestimate, a debt will be asked for FTB and school kids bonus

  3. #3
    Registered User

    Dec 2006
    In my own private paradise
    15,272

    Not sure about Medicare stuff sorry

  4. #4
    Registered User

    Dec 2006
    In my own private paradise
    15,272

    http://www.humanservices.gov.au/cust...tb-a-threshold

    extra info about the extended (ftba linked) safety net