Owning own business and c/link

[beansbeans!]

Thanks all
It's a company. The parent company (I think that's what it is called) is in both dh and my names. Then the trading company is in my name, I have no idea why that is.
We only claim fta and ftb, the child care rebate doesn't really matter mainly because I only plan on sending dd2 one or two days a week for this year.
Recording my hours of work, I'm kinda over there most if the day doing random jobs, setting up, cleaning, cooking, pretty much anything including some waitressing on the weekends (all of which is totally unpaid, I don't even get tips )
Now I have a feeling that is going to complicate things more :/

And bd, all good good to know we're not alone being confused and the more questions normally helps all

[surprised]

I would be finding out why the trading company is only in your name. Not saying that it shouldn't be, but if something is in your name you are ultimately responsible, so it pays to understand what is going on.

If you are making no money you might be eligible for parenting payment, but you would have to fill in profit and loss statements for them.

[Mummato2]

Exactly what surprised said.

We are a company but didn't branch off like yours does. Centrelink will want to know the profit/loss for the parent company since you're considered a director AND they're going to be interested in the trading company as a whole since you own it on paper.

We had to provide tax returns, p&l statements, accountants letters etc and after all of that we weren't entitled to anything! (The joy of business ownership and centrelink)

If it's a new company you give an estimate for FTB purposes, they may go off your last years figures for parenting payment with a revision at tax time once returns are lodged.

[briggsy's girl]

Centrelink only need profit and loss and associated "stuff" if you are claiming something more than ftb. If only ftb, get your accountant to give you an estimate of income, update it online, and that's all you have to do. Having your own business can be very messy with centrelink but ONLY if you are claiming more than ftb/CCB/ccr!