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Thread: Reconciliation payment

  1. #1

    Join Date
    Jul 2010
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    Melbourne
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    2,737

    Default Reconciliation payment

    How do I know this is being processed? How long does it usually take? DH tax was finalised last week. Is it as simple as just waiting for the payment like a regular payment? We have had a bit of an emergency and I will be needing this asap


  2. #2

    Join Date
    Aug 2009
    Location
    Melbourne
    Posts
    766

    Default Re: Reconciliation payment

    I have found that it normally comes through 1-2 weeks after we've done our tax return.
    It just appears in our bank account, and we get a letter/email explaining the payment.

  3. #3

    Join Date
    Jul 2010
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    Default Re: Reconciliation payment

    Thanks!

  4. #4

    Join Date
    Oct 2007
    Location
    Middle Victoria
    Posts
    8,924

    Default Re: Reconciliation payment

    it usually comes within a few days of the cheque from ATO.
    centrelink on line have details day or so before it hits the bank too.
    hope things are ok.

  5. #5

    Join Date
    Aug 2010
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    Albs, WA
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    971

    Default Re: Reconciliation payment

    I lodged my tax in july, nothing from centrelink, called them last week and they processed it within 3 days.

  6. #6

    Join Date
    Jul 2010
    Location
    Melbourne
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    2,737

    Default Re: Reconciliation payment

    I'm bumping this thread because I have another question and Centerlink has a 'more than 40 minutes' wait time. DH tax has been done by the agent, but has not been submitted because we haven't paid the fees yet (he has a commonwealth debt so don't ever see the $$). I didn't know it had to be paid before lodgement and have just found out. I can't pay until next week (maybe) so Centerlink can't process reconciliation payment for us until I pay the tax fee......BUT I think I remember the lady on the phone saying that the it has to be lodged by a certain time in order to be processed by centerlink for the recon payment. And I think I remember her saying October.
    Is there a time limit on getting your tax return lodged (and paid) with Centerlink???

  7. #7

    Join Date
    Dec 2007
    Location
    Hork-Bajir Valley
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    5,722

    Default Re: Reconciliation payment

    You need your tax return done by the end of October (i think).

  8. #8

    Join Date
    Jul 2010
    Location
    Melbourne
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    Default Re: Reconciliation payment

    Thanks, I hope it's not earlier for Centerlink purposes....

  9. #9

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

    Default Re: Reconciliation payment

    You have til June 30 2015 to confirm your income via ATO for centrelink purposes

  10. #10

    Join Date
    Jul 2010
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    Melbourne
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    Default Re: Reconciliation payment

    Thanks BG

  11. #11

    Join Date
    Aug 2003
    Location
    VIC
    Posts
    985

    Default Re: Reconciliation payment

    Can anyone help me RE: reconciliation payments for family tax?
    My partner finally put in his tax return this year, and now a week later I received family tax supplement of approx $700.
    We had overestimated our income by at least $10k, and I usually get a lump sum back cause we over estimate.
    Does the family tax $700 supplement and reconcilliation get paid separately or is the $700 payment all I'm likely to receive?
    Thanks

  12. #12

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

    Default Re: Reconciliation payment

    that's likely all you will receive if it said it was ftb supplement
    there are a number of reasons you may not get as much - quite often this one is where you have over estimated your family income (say you put combined income at 100k for example) but underestimated severely the lower income earner and ended up with an overpayment of ftbb (so something along the lines of estimated 5k for one, 95k for the other, but reality being that your actual incomes were 40k/50k so all the ftbb you were paid was overpaid even though your total estimate was less than the 100k)

    if you are concerned about being underpaid you'll either need to give fao a call or wait for the letter to come out explaining why you got that amount of moolah

  13. #13

    Join Date
    Aug 2010
    Location
    Albs, WA
    Posts
    971

    Default Re: Reconciliation payment

    are your vaccination records up to date? My 4yo had her healthy start for schools check and i forgot to advise so they held back 1700.

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