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i will be going back to work in a few weeks and will be working for only about 10 weeks of this financial year. should i declare to centerlink my full years gross income (weekly income x 52 weeks) and get a good refund? or should i declare my actual income (weekly income x 10 weeks)??
if i do the second option this will mean that in the new financial year my CCB% will change hey?
what does centerlink prefer me to do?
I think its up to you which you actually do. I usually estimate about $10 000 over what I think we will bring in for the financial year. That way I still get decent fortnightly payments, & I get a bit of a bonus at tax time as well :)
The higher you estimate the more you will lose weekly as they will take into account what you could potentially owe them by returning to work. So if you estimate the whole year, say you might get nmothing by the time they withhols what you 'might' owe from what you are entitled too. However, if you estimate correctly you may still get some.
It's really up to you whether or not you need the money in the interim. Sorry in a hurry i hope that made some sense.
And your CCB% changes immediately from when you update your details. (Least this is my experience as I went from 100% CCB to 95% CCB last time I updated). In that regard, as I dont think you get CCB back (however you would then get the CCR which is 50% of what fees you do end up paying) - I *think* you would be better correctly estimating. That said - you could always call FAO/C'Link and find out what they think too!
Maybe go somewhere in the middle? You might end up with a few weeks extra work or whatever and you want to give yourself some leeway JIC