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FTB - EITHER ONE, is NOT BASED ON PREVIOUS YEAR INCOME
it is based on an ESTIMATE of your income for the current financial year - thing is, when you get to end of the year, if you underestimate your income, you've been overpaid and get a debt. so yes, your FULL entitlement is worked out at tax time - but your fortnightly payments are based on the estimate of this years income
So BG, I gave the FAO an estimate of my income in July for the new CCB rates (to make sure they stopped paying me CCB) but now with the General Agreement and working fulltime, our combined income has gone up a little more. Do I need to call the FAO with a new estimate to ensure that they know I'm now over the threshold?
Sorry for the qsns hun, you're brilliant with all the help you give us BB girls about stuff like this.
sushee, i would update the estimate for ccb purposes and make sure you're not current on the system for ftb - i don't think you would be from what you've mentioned, but it's a good idea to do it just in case
I agree with Kellxx. You can hardly say any of this is anyone's fault. It's a societal problem (the 'want it NOW' mentality that most of us seem to have today.... Labor or Liberal... Democrat or Republic in the US)...not one caused or fixable by an individual or even a political party. Who knows what is going on that the media don't see fit to publish (because it's not sensational or low-brow enough to sell papers). Personally though I don't think the previous party left our country in any particularly good shape. I worry just as much about our countries environment as the economy. You have to have a healthy environment before you can have a healthy economy. What i worry about is that while we all love a shopping spree are we really losing a bit of perspective? Are we desperately hoping that a quick-fix like this $1000 per child bonus is really going to best for our (or our children's) futures? I am always concerned when people seize the quick-fix option over and above the slower but more effective long term solution. That's why on a deeper level all this still concerns me.
Hi BG, so should i estimate my current income and the months I will be taking off without pay for this financial yr?
Thanks for clearing that up!!!!. I might do that and ring them up again.
Cheers!!!
yup - work out how much you'll get before your pay runs out, how much your DH earns, and estimate based on that - it might still put you over, but you won't know if you don't try
be prepared, it will take up to half hour on the phone, then you'll be sent some forms to sign and return
just thought i'd add this as i located it on the FaHCSIA website here
:
The Rudd Government will invest $3.9 billion to provide immediate financial support to help around two million Australian families.
This decisive action is part of the Rudd Government's $10.4 billion Economic Security Strategy to strengthen the Australian economy and support families during the global financial crisis.
The support will be delivered to families through a one-off payment of $1,000 for each eligible child in their care.
Those who will receive the support include:
1.9 million families who receive Family Tax Benefit (A); and
Families of another 220,000 dependent children who receive Youth Allowance, Abstudy or a benefit from the Veterans Children's Education Scheme payment.
In all, around 3.9 million children will benefit from the $1,000 one off payment.
The global financial crisis is placing increasing pressure on family budgets already stretched by the rising cost of living.
The Rudd Government is taking decisive action to strengthen the Australian economy.
Lower and middle income working families are the driving force of the Australian economy.
It is vital that in times of global financial crisis these Australians have our support.
Most families will receive their full payment automatically in the fortnight beginning 8 December 2008 on each family's regular family tax benefit payment day. These payments will be completed by 19 December.
Families who receive their family payments as a lump sum at the end of the financial year will receive their additional payment when they make their claim.
Payments will be tax exempt and not included for income-testing purposes.
the line i highlighted is one that is important - for those like Sushee who may fall on the cusp of whether or not they get FTBA based on how many deductions they get at tax time, if you do a lump sum claim at the end of the financial year, you will still get your money at that time - so it's not a case of "collect it when it's offered or miss out"
HTH
BG
Ahhhhhhh thanks for posting that BG... we will get ours next year then - no biggie :)
BG - i hadnt realised you where the wizz when it came to this sorta stuff.
My question is this - DH's taxable income for 07/08 was just under $58g, however, the estimate they have put us on for 08/09 fin year is $78g. I had previously provided Centerlink an estimate for the 07/08 fin year to be about $75g i think, so, had hopefull of some sort of pay back by centerlink, as the taxable income was well under the estimate income. Because DH is a subcontractor thou, he obviously earnt more then the $58g taxable income, just, we things to off set the amount.
I had thought that centrelink based its income on taxable income (ie, being the $58g) but it seems that it works on the total amount earnt, and doesnt take into account business expense right offs?
Does that make sense? Can you confirm exactly for me?
Just so everyone knows.
I think this money has everyone ringing centrelink, so get in early, very early & as was said earlier, be prepared for the wait.
Try to ring before 10am. I tried today at about 10 & was redialing for about 30 minutes before I even got through.
debbie, fao/c'link work on actual taxable income for the individual - so basically the amount that shows as taxable on your notice of assessment as taxable. you'd best be checking with your accountant if it's showing a different amount for you.:
the $78k estimate would be an automatic uplift from your previous estimate - essentially if you estimated $75k in 07/08 and no estimate was received byt he cut off date before the start of new financial year, your previous estimate would be increased by 5.4% (i think) which would be how you came to the $78k-ish amount. you can change your estimate if you think it's too high, but given your DH is self employed, i would suggest leaving it a bit higher - you're probably getting the exact same payment as you would be with a $60k estimate, but you're not likely to get overpaid for things like child care benefit
i guess if you're expecting a top up for over estimating there are a couple of things to take into account - first one being - have YOU finalised your taxable incocme details for last financial year? do you need to do a tax return, or have you notified the FAO that you're not lodging a tax return at all? if not, it's highly probable that your DH's income details have been received from ATO and it's just waiting on your details to finalise last years info and pay you any supplements you're waiting on - there is a whole thread in here somewhere about the "$600 per child payment" which explains it in more detail.
thanks BG - that explains alot to me then. i did my tax return a week or so back, so, perhaps i will hear something from them soon.
If there is no difference in my payment from $75g to $77g, then, i will just leave it, best to be over then under.
thanks again!
I now understand who is entitled to get the $1000 (thanks BG) but I was wondering if it makes any difference when it is paid if you get your FTB at the end of the year or fortnightly?
if you're ftb current, whether your get fortnightly payments or just wait until tax time to collect it, you'll get it in december - if you have to do a lump sum claim at end of year (either through ATO or direct to c'link) then you'll have to wait
So is it going to be an entire $1000 p/child or will it be worked out on a sliding scale depending on your income? Will they put any info about it on the FAO website itself?
at this stage there is nothing on the FAO or c'link websites yet, FaHCSIA only has info about the media releases, not specifics
not at work this week, so don't know any extra details than what i found on FaHCSIA site
I guess there are going to be people that like the idea and people that dont.. guess there isnt really any point debating about it cause its happening anyway;)
Yeah id say thats what we will do with it, they have they baby bonus in their accounts. Though I could leave it and try and cover up all the money I have been spending lately :lol::
zee- perhaps you can put it in your kids accounts for when there older...
wow don't i feel bad for being poor now!!!: