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
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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!!!:
why feel bad?
i havent decided what we will do with ours maybe pay off the 1200 power bill, or put it in our savings for our house that we will one day get.
thanks, it realy makes you feel bad when some people go on about how they don't need the money etc, and a lot do it. we should get $3k and i won't see a cent of it.:
my Dh works his ass off so yes we diserve this money. same as the baby bonus it was spent before we got it.
sorry im a bit sour atm
thanks kev.
Oh Kristy hun I so know what your talking about. Im in your boat too. I wish we were well off.
Zeee How the hell can you say you dont need it hun. You dont work and Dh what does he do again. Oh My DH makes abit a week but we are still struggling...I guess we are paying off a house but hey if you can save that, go for it I say.
Well its not our fault thats we dont "need" it.. as its the same that its not peoples fault that they do. Why be sorry and sour over that?
No im not sorry or sour over it but I really dont think we need to brag about not needing it. If I didnt need it I wouldnt say so id just nonate it. Thats all!!!!:rolleyes:
Zee i kinda agree with you.....we dont necessarily need it , nor where we looking for it. Im not going to say no to it, but i know where your coming from.
I kinda feel weird about just 'taking' and 'spending' (as we are being encouraged to do) the $3k that is going to appear in my account. I dont know....i just feel weird about taking it.
Kristy J
Don't feel bad. There might be people who are lucky enough that they don't need it, but there are just as many that do.
We barely scrape by every week & we have NO luxuries - I mean a few drinks with mates every few weeks means we have to cut back with food shopping & petrol for the week.
We don't need the money, but it will help us out sooo much.
I'll be happy though to put nearly all of it away. Lord knows I could pay out some debts, but having a DH who is no good with money (I have to hide it) & not a cent behind us, I would really like to put it into a savings account.
I've never had spare cash on me. Or in the bank. If something goes wrong we either have to borrow, or wait. I want the back up there.
The next time one of my appliances blows up, I'd like to be able to replace it, rather than going 2 months with out. (Had to do it recently with out the washing machine, with 3 kids. Not easy)
im sorry but it just seems that every time something like this happens people have to go on and on about how good they are and how well they r doing. (not everyone just some)
we r comfortable but this money will be spent easy.
and if you don't need it stop braging and be happy that you can go shopping.
thanks bjrose
yes its not easy with 3 kids and a house rose. Kristy and I both know that as we both have 3 kiddies. Ill spend most of it but I do give alittle each week to less fortunate ppl. Ill be able to give a couple of hundred instead of so $20.
Thats ok Kristy.
I agreed with you a couple of pages back.
If anyone really feels they don't need it, I'll take donations!
But as I said before, I can guarantee those that don't need it will not be handing it away.
My Uncle & his wife didn't even notice their baby bonus with their DS. I thought that was really un fair. If they have enough money that they don't even notice it in their account should they get it?
One of the reasons I think it should be income tested. As it soon will be.
Those who are putting all these bonuses away for their kids. I envy you. I wish I could do that for my babies, but unfortunately its not that easy.
Who ever you are, what ever you get & how ever you use it, make the most of it. We are lucky to have a government willing to do this for us & our kids.
There are quite alot of other things they could be spending their money on, but if thats what they think is needed, then hopefully they know what they are talking about & this will help us in the long run.
I agree you r so right?:
Thanks BG. Thats the info I was looking for too, cos now that I will be on mat. leave from April, we probably will just qualify for FTBA at tax time.:
Oh also not sure if this was posted (13 is a lot of pages to read) but to qualify for the $1000 per child payment, the baby has to be born on or before yesterday (14 Oct 08)
Thanks..:
Zee i kinda agree with you.....we dont necessarily need it , nor where we looking for it. Im not going to say no to it, but i know where your coming from.
I kinda feel weird about just 'taking' and 'spending' (as we are being encouraged to do) the $3k that is going to appear in my account. I dont know....i just feel weird about taking it.
We once struggled, its hasnt been all an easy ride for us.. mid last yr we had to watch every cent we got.. we were trying to pay off a house full of funiture, a car, we had a maxed out credit card that as soon as we paid abit off it we had to use it.. we did F all cause we couldnt afford it. DH worked hard and earned himself a few pay rises and finally found a better paying job...
Yeah we would like 4 kids.. we realise if we were to do that then money would be tight so we have decided that we will just leave it at 2 cause we dont want to have to struggle so we are giving up on our dream to have a big family..I guess thats life.
ETA: We still dont drink, smoke, go to the movies, rent dvds (or buy..apart from DD's) have foxtel..we always bargain shop etc
well i would really prefer not to need the money but i do..
unfor due to circumstances i could not control (exh starying eyes) this money will be fantatsic...
So yes people enjoy it and spend it, cause thats what is intended of it....
and if you dont need it pass it on to the salvos they will put it back into the economy as it was intended!
yes:
Beatrix I so agree hun.
You said it all
Zee its not good to have more kids if your stuggling with 2 anyway. You could still have more just wait till your abit older cause i know when I had Mel at 22 I had no idea and not much patience but now being old, I have all teh patience in the world. Im thinking of having another. As for the money. Geeee never wait till your well off cause you will never have kids. Well most ppl anyways.
your only 21 or 22. Wait till your about 28 then things are alot better. Well thats what I think.
maybe we will, we support the salvos from time to time.:
if you dont need it pass it on to the salvos they will put it back into the economy as it was intended
No we wont be having anymore, cause thats means a bigger house we will have to buy, a bigger car, paying out more for private education, another mouth to feed, cloth etc which would mean our money would be tight. I dont see what age has to do with it...
BG...can I ask a Q about the above you said a few pages ago?:
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
It's a bit OT....but I've given them an estimate of 80k for the last two years for DP's earnings, I don't work. I get the base rate of FTB pA + rent assistance + FTB partB. IN reality, because we are contractors, our taxable income is in reality more like under 60k. I purposely over estimated JIC. So would you say that I would still receive the same FTB partA if I gave them our more realistic 60k estimate? See, I was under the impression and hope that when we lodged our tax returns for the last two years (we've had problems and not done it before now) that I would receive quite a large repayment as I overestimated so much...was looking forward to use it to pay off our income tax.
So I'm a bit freaked out to think that I might not be any difference between 60k and 80k...is there a reason for that?
oh I was just about to say that too ...lol
I'm confused about why anyone feels bad if someone says they don't need this money. If they don't need it, isn't it part of the discussion for them to be able to say so? They're not trying to make anyone feel bad by saying that the govt is giving them money they don't actually need. They're just stating facts. They aren't necessarily buying mansions, or driving ferraris either, they're just saying that they can survive without it. And what they then do with the money is really up to them, isn't it?
And please don't think I don't understand having to struggle, because I do. I've lived with so little money that if my kids ate, it meant I couldn't. But I still don't see someone saying they're surviving as being a personal affront to those who are struggling. I don't think Zee was bragging about her luxurious lifestyle, she was just saying that if the money never was given to them, they probably would have managed okay anyway.
I read in the paper today that it's 1000 per child, not per family.
Does this payment just get popped into your bank account or is it a tax refund? If your income is below a certain threshold (as mine is), you don't need to lodge a tax return, and many of the people receiving the payment will be doing the same I imagine. Surely you still get the payment even if you're not required to lodge a tax return?
I totally agree with this and I just wanted to add that the previous government left housing (owning and rental) less affordable than at almost any point in our history and fresh food also became less affordable. I hardly think that presiding over such price increases is good economic management.:
Neenee Jellybeanie - sa far as i know it will just go into you bank account if you get FTB-A they have your details already. i dotnt think you have to do anthing at all. just one day wou wake up and bam we have extra money. but i might be wrong?
sushee - hope no one thinks i was personally attacking Zee or anyone else! i wouldn't do that. sometimes its not what people say (or type) its how its said (or typed)
its great not to "need" the money and its awsome that they choose to give it to the kids (tho it is surposed to be spent, which is the whole point of the money) its when people brag about posessions that bugs me, brand droppers. it happens often in lots of threads,
when will we know for sure who gets what?
Hey BG, I haven't read the entire thread, but just wanted to clarify something? We get out FTB at the end of the financial year, too hard for us to calculate my wage as I work one regular day, but other inconsisten times from home as well. So does that mean we would get it at tax time? I read your other post, but wasn't sure if that's what you meant :redface:
Christmas time would be baaad for us, I'd want to spend it all on more presents or decorations :D