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Okay, so we've had our tax done and now I'm crapping myself that we have incurred a FTB debt. DH and I have a complex business set up which changed last financial year, but our estimates were way off, yet still under the combined income total. now my question is do you still incur a debt if your income split is way out (his was way over, mine way under), but still under the combined income limit?
Im not an expert! but im pretty sure that it will only effect FTB part B!
it really depends
ftba is based on both of you - if your combined total is less than estimated, no overpayment will occur there
ftbb is based on lower income earner. i am assuming that is you
(not sure with the way you've worded if your income was significantly more or less than estimated so i'll do both scenrios
if you earned more than estimated (est at 10k, actual at 20k) you will have an overpayment
if you earned less than estimated (est at 20k, actual at 10k) you will get a top up
if you come under scenario 1, your overpayment will come out of supplements first, so you may not have an actual debt, just less of a top up
BG, i wasn't getting any part B because of my estimated amount which was $55K. my actual income was under $2000 (as I said it's complex because of the farm). Dh on the other hand had an income estimate that was nearly $32k less than what his actual income was - so because we grossly underestimated his income, but we're still under the combined family income amount I just don't know if that means we incurred a debt or not. It was only the minimum part A anyway.
No debt by the sounds if it. Big ftbb top up coming.
Oh sweet! I'm terrified of getting a debt. this time because our business structure had changed I had no idea how it would turn out. I don't care if i don't get much of a top up (nice if I do though) just so long as I don't get a debt.
thanks BG :)
no probs
make sure you update your estimate for this year now to change the balance - the system will get his actual income and update to that +5% but won't reduce yours and it may cancel as income too high - so drop yours and update his to about what it was this year so the system doesn't automatically do it. even if you cut the 32 off yours (so sit it at 23 or 25 even) and add it to his so your balance is close to what the total was now, with a better balance. (geez i hope that makes sense - am typing from my phone and waffling around a sleeping poppet!)
yeah, you're making sense. trouble is with farming is that you have no idea what your income will be until December once the crops have been harvested, but we've done that now and sold what we're selling so we will have another look at it in the next week or so. The way they automatically adjusted it for 12/13 was stupidly high, but we left it like that as a safeguard or sorts.
Even with no idea of income it's best to increase him and drop you for now so the system doesn't just add to him and cancel you off.