does anyone know, if you are on one income, does that mean that you are definately entitle to family tax benefit part B, the whole thing confuses me.
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does anyone know, if you are on one income, does that mean that you are definately entitle to family tax benefit part B, the whole thing confuses me.
There is an income cut off for the baby bonus (the 3000/4000 payment).. but its like $120,000s of income. (just a random fact there for you, lol)
spot on shannon, found out today. part A is $44 fortnight per baby under 5 & part B is $117.00 fortnight for no income
thanks kirbay too
Kirbay, actually the maternity payment is not income tested. Everyone no matter how much they earn will recieve the $3000/$4000 payment and then if you stop work, or decrease your hours at work the gov will give you a baby bonus of about $500 at tax time for the child for the first five years, you can only claim for one though.
taken from the Family assistance website:
Note: It recognises the extra costs incurred at the time of a new birth or adoption of a baby and is not income tested.
My DH systematically earns between $110-$150K a year and we get it.
Ta Dee
You have to watch out though. You are entitled to part b if your income will be zero (or less than about $2000, but don't quote me on that) for the ENTIRE financial year. If you put down zero income, then go back to work halfway though the financial year, you could be overpaid.
It is reconciled at the end of the fin year, so nothing will happen until then.
I used to work at the FAO so if you need any further clarification on any of this, let me know. It is soo hard to get infomation you can understand.
I got one fortnight's worth of payments when I resigned from my work (including my holiday payout) for the 2005-2006 financial year. I estimated I received about $3,500 (before tax); and I get the full Part B amount per fortnight for Madeline.
Hey hey hey - keep an eye on the federal budget on tuesday - they say they're going to put the family tax payments up !!
does anyone know if the baby bonus $3,000 or $4,000?
From a govt website. HTH. You can find it by goolgeing maternity payment. Baby bonus was the name of the previous benefit of $500 per year for 5 years.:
How much Maternity Payment do I get?
Maternity Payment is indexed in line with the Consumer Price Index (CPI) in March and September each year.
This payment rate is effective from 20 March 2006 and is only paid for babies born or adopted on or after 1 July 2004. Maternity Payment is paid as a non-taxable lump sum payment. Payment is made into a bank or credit union account and not through the tax system.
StatusLump Sum Payment AmountPer child$3166.00
- This payment is not subject to an income test.
- This payment is not subject to an assets test.
Note: For multiple births, maternity payment is paid for each child. For example, twins attract two payments of Maternity Payment ($6332).
As announced in the May 2004 Budget Maternity Payment will increase:
- from 1 July 2006 the Maternity Payment will be increased to $4000
- from 1 July 2008 the Maternity Payment will be increased to $5000.
OOOh... putting the payment up? I like the sound of that :-)
Yeh, that sounds right. That is the base rate for part A. don't forget only estimate zero if you are not going to earn an income for the entire next financial year (this includes income from shares or rental housing).
thanks for the cut and paste from the approp website Sammi-Jo. I will go and google "maternity payment" now.
Tulip DH earns around the amount of your DH & I work and have put my income at $10,000 even though its less & I get around $120 a fortnight. HTH!
What I heard this morning on TV was that it will benefit Mothers that dont return to work...by approx $40 per month (not sheep stations but still)
What i dont understand is why are they pushing for Mothers to return to work if the new system wont benefit them...?
I just make my payments to be paid out at end of financial year so I get a lump sum, the amount of times that I would work it out & it would total a certain amount & then at end of year I'd get a bill!? For us it's easier this way!!! I earn about $55k-$65k & Dh earns only about $40K... But as it depends on what Overtime he gets & my Bonuses throughout the year it can be difficult to estimate!!!
does anyone have an opinions on whether it is better to get the family assistance each fortnight OR once a year in a lump sum IF your family income is pretty fixed. I hear awful stories in the news about families having to make huge back payments cos the fortnightly amounts were worked out incorrectly and they were overpaid (even after declaring changes in income) - makes the whole thing sound like quite a minefield.
It IS a bloody minefield Gigi, not helped by not enough staff to have the time to explain everything to people.
If your income is pretty fixed, is should be fine to receive your payments fortnightly, most of us over estimate a little just in case, to cover any unexpected overtime etc. This way you can get your payments f/tly and there may be a little waiting for you at the end of the fin year once reconciliation has been done with the tax dept.
However you may have seen the different payment plans you can have. If you are unsure you can just receive either Part A through the year and part B at the end. Or Base rate part A, then collect the balance at the end of the fin year. You can have it both ways. Oops starting to get confusing - if you need further clarification let me know. I'm a FAO expert!
Also make sure they change it as you have asked!!!
Because when I had Indah I filled in the papers saying pay me f/nightly... But when I started back at work in Jan, I called & asked to do reconcilliation at end of financial year!! I have spoken to them 4 times since about this & it was FINALLY changed & I got a letter last Thursday!!!! Not only that my chilcare rebate is another whole kettle of fish...
They sent me a letter saying Indah wasnt immunised (she is & they have documents proving this from her 6 month immunisation) but last 2 refunds are on hold while THEY sort it out!!! It isnt alot of money, but why the hell should they have it, when I have given them everything & they say it is still pending!
If I get a bill from them I doubt they'll accept (Still pending) when I dont pay it for 12 wks!!! :throw_computer: :mad:
As DH is a High income earner we can afford to wait till the end of financial year to claim our FTB. We once upon a time were middle income earners and with the system being how it WAS we ended up with a nasty bill twice from them.
Last year they sent me a letter telling me that they had paid me a bit over $5500 FTB Part A (through the skin of our teeth) and therefore Part A supplement ($600/child - $2400) and Part B And B supplement. Over the moon it was great. A week later, I got a Bill from them!!! I opened it and started reading and was like WTF :eek: (:mad: This is why we wait till the end of the financial year and let them tell us how much we get) Yes! Apparently we had been overpaid. I panicked. We had of course already spent the money. I kept reading and held my breath and it stated that we had in fact been overpaid by $16, LOL:cryinglaugh: . And they were waivering this outstanding sum. Phew, So we infact owed nothing. lol.Thank Goodness.
I think the Govt. tries to encourage mothers to stay home. It's not a fortune but every bit helps.