Return to work and FTB?

[xXHopeXx]

Ive just gotten a job where i will likely be working full time, and i was looking on the centrelink online site, and I was going to fill in the "return to work" section, and it said "you may he eligible for maximum ftb for the financial year you return to work"
What does that mean? Are there any cutoff $$ figures? I will be starting on the 25th may so does that mean I will only get approx 4 weeks worth of the maximum rate? Or will it back pay?
I have never heard of this before so it's a little confusing to me

[Catastrophic]

I think that is after you have a child - the first time you return to work. But it would only be until the "next financial year" is my understanding. I could be completely wrong.

[xXHopeXx]

I havent returned to work since having dd, so I am eligible in that sense. I just know nothing about it :/

[xXHopeXx]

[wysiwyg]

So do you currently receive FTB?

My understanding is that if you are on FTB which is based on earning for financial year and you return to work for first time after having child you don't have to "pay back" FTB based on your earnings for that financial year.

So take me I got FTB A & B based on our combined income until I returned to work in FEB, at that point I fill in the return to work form and update income estimate -so what return to work means is that the FTB money already received that financial year is ring fenced and I don't have to pay it back due to now having an income which effects FTB eligibility.

Is great that they do it because otherwise can make returning to work within a financial year very costly (is just a shame they don't do with CCB)

[briggsy's girl]

It only impacts ftbb. Basically from July 1 to the day before you return to work, for ftbb purposes, your income will be reconciled at nil, and whatever you earn after that will only impact part b from the day you return to work. Means at the end of the year you aren't penalised for going back to work with regard to ftbb.

Ftba and child are do not work the same way. It only applies to ftbb

[xXHopeXx]

Ok.. so for this financial year, I was getting some pps from when hubby and I were separated. So that's pushed my taxable income above nil, but that's the only "income" I have. So does that mean if I say I have started work again, that taxable income disappears?
If so, does that mean id get "back pay" (effectively) from centrelink at the end of the year once everything is balanced? Or even now? The money I will be earning before the end of the tax year is less than what I have already earnt, most likely by a good few thousand $$. (Not sure exact figures, but say with pps I "earnt" $7500, but with job I will only earn $2000 before the EOFY)
Does that make any sense? Lol

[briggsy's girl]

Ok.. so for this financial year, I was getting some pps from when hubby and I were separated. So that's pushed my taxable income above nil, but that's the only "income" I have. So does that mean if I say I have started work again, that taxable income disappears?
If so, does that mean id get "back pay" (effectively) from centrelink at the end of the year once everything is balanced? Or even now? The money I will be earning before the end of the tax year is less than what I have already earnt, most likely by a good few thousand $$. (Not sure exact figures, but say with pps I "earnt" $7500, but with job I will only earn $2000 before the EOFY)
Does that make any sense? Lol

Yeah that's pretty much it the case. It will be reconciled at tax time.

[wysiwyg]

Oh I am not sure I had realised that didn't apply to FTB A - I suppose at Tax reconciliation time I could be faced with a bill for that then - I am really starting to wish I hadn't started back at work till next Tax year - you live and learn I suppose, it would never have occurred to me that whereabouts in the tax year could have so much effect.

[briggsy's girl]

yeah it makes it hard to work on finances - you either need to over estimate all year assuming you'll return and do it tight, or risk an over payment at tax time.

[wysiwyg]

Yes is especially difficult if you don't have a job and have no idea if/when you will get one and how much it will pay. I think I will just have to resort to overestimating and borrowing from my brother as at least that way will know where I am all the time.

[xXHopeXx]

Awesome! Thanks BG!! I dont know where half of bb would be without you probably on the phone to CL for hours/days on end lol.