FTB Part A & B

Hi,

I didn't realize Centrelink would include my FTB payments as income that i would have to pay tax on and that my payments would be based on to - that's just stupid! How was i suppose to know that!

When i was asked to estimate my income for 2009 financial year ($15,000) i didn't include the FTB and rent assistance payments that i would be receiving for the rest of that year as i didn't think i had to. Now that say i have underestimated my income so i owed them $300 for 2009. My income from my job for July to December was $15,000 and then i recieved $4,000 from Centrelink so they have sent a letter saying my taxable income was $19,000 because i only estimated $15,000 for myself.

I completed the form for estimate of income for the 2010 financial year and only said $10k for money i recieve for working but now i am thinking i will have to work out how much i will be getting paid FTB and rent assistance for the 2010 financial year so i don't receive an overpayment again from them.

Has anyone else found this to be the case also?

No, cos it's not the case. Did you get Parenting Payment?

Hi LuLu,

No just FTB standard and supplements.

Thought i'd ask on BB if this was the case before i ring FAO.

Have you done your tax yet? It should all sort out once your actual income has been determined by the ATO. FTB isn't taxable and isn't included as taxable income.

ftb is not income
if your accountant put it down as income your accountant messed up