Ok so DH and I got our tax done on the weekend (finally haha) and our tax refunds are minimal (ie, I got $13 back, and DH got $39 - not even enough to pay the tax guys fees!)
So he worked out my income and since the business had made a huge loss the previous tax year, he took it off my actual income, so I ended up just having a taxable income of just over $1300 for the whole year (yay, go me!)
So I told the FAO our estimates when I was still working (and I finished last august) and I said I was on around $22,000, and then when we moved down here, I rang them in around.. ummm... sep/oct? and told them that my income was $4000.
So is it still classed as over-estimating even if you did earn a little bit, but was changed by a loss from a business? If that makes sense?
And if it is classed as overestimating - does that mean I'll get something back from the FAO?
From my understanding Mel Centrelink work off your taxable income. So if what you told centrelink is higher than your taxable income then they owe you.
Mel - when your income is received by FAO from ATO, they'll look at it on a day by day basis
if you're entitled, on the 1300 ACTUAL income to get $10 a day (as an example), the system will look at every day of the year, and see what you were paid
for ftbb purposes, once you changed your income down to 4000 you would have been getting the maximum amount (so $10 a day - well, that's the number i'm using in this example lol). so for that time frame, for ftbb purposes, you won't get a top up. BUT, for the first couple of months, where you had your estimate at 22000, you would have gotten NO ftbb. so for each day prior to you reducing your income, you didn't get that $10 and you are entitled to a top up. because you have qualified for ftbb, you will also get a supplement for ftbb (around $345). so for ftbb you'll get a nice top up
for ftba, it's harder to work out. did you over estimate DH's income for the whole year? the same sort of calculation will occur with a "per day" amount calculated. you'll get a top up provided your combined incomes came in under the limits - how much is dependent on where on the sliding scale your incomes fall. you will also get supplements for all three children - 711ish for the two older kids, and a pro rata amount for Miss E
it will take a few weeks from now for the income details to get from ATO to FAO. if you receive both notices of assessment and 2+ weeks have passed since the date of issue, call FAO to follow up. there have been some processing delays and there are extra things that can be done, but only once certain time frames have elapsed
have i made it as clear as crystal or as clear as mud with all that waffle??
Is this the same as over-estimating?
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