overestimating and school kids bonus??

If I get a new job it will mean that my income will go up so that our combined income will be very close to the threshold whereby we wont get any ftb a or b or at possibly about $10-$15 dollars ftb a. I am an overestimating kind a gal so I would probably add an extra 1-2 grand on top of what I would expect to get then I would definitely getting nothing. however if end of year comes and our actual income is less then would we get the school kids bonus paid out after our taxes etc are done? or would we miss out altogether? does that make sese? thanks

If you are entitled to it you will get it at reco.

Thanks. I thought so but wasn't 100% sure. :-)

Yep we over estimate, think that is better as you can't get caught out and end up "owing" money. At the end anything "owing" to us is paid out :) definatly a good way to go, if you can afford to do it that way :)

Ok, so I'd like to know in the other direction - if you've (accidently) underestimated and they've already paid you the school kids bonus, and then it turns out you weren't eligible for FTB part A - do they require you to pay back the school kids payment part of it?

Likewise, if it turns out you've just been nudged out of the FTB bracket by an eensy weensy bit, what happens about Medicare extended safety net payments (that they have already paid) for that period. Do the medicare people come after you with a big stick? Or do they get their pound of flesh in subsequent years (until it's all "paid back").

PS - Also, is it just me or have the FTB eligibility incomes shrunk a bit over the last couple of years?

I thought income rates for FTB eligibility had actually gone up, as of last budget?? I've not been close to the line for 6 or more years to know much about it though...

That's a good question marydean.

Not sure about the Medicare safety net thing, but I was tipped over the ft threshold and ccb threshold last year by a bonus from work and got a $4.5k debt from things i was paid. So I would assume as the schools bonus is linked directly to ft you would have to pay it back.

That is my worst nightmare!!! I think I will overestimate and get nothing throughout the year and hopefully a bit back in arrears at tax time!!

CCB qn- what is the threshold for this? According to the estimator I would still get CCB even though no family tax benefit.

It is higher for CCB than FT.. But I honestly don't remember the amounts, sorry. But in our situation, DH went through the levels at work quicker than we (he/they) all thought and put us in a much higher bracket than we were expecting last financial year. It was more realistic for us to have expected it this financial year. We upped his income to what we thought realistic, but unfortunately it wasn't enough. When we realised he was going well over, we stopped all FT payments, but I had already been paid a few months of FT, and on our new estimated figure was still entitled to a little CCB.. I kept an eye on my earnings making sure I wasn't earning too much for certain cut offs.. I knocked back extra days etc, and would have been $300 below, but work gave me a $1K in the last pay of the year, that tipped me over! And we also then weren't entitled to any of the CCB either, so the minimal amounts all add up and had to be paid back..

But there was nothing we could do.. We made the estimates with what we were faced and believed at beginning of financial year.. And with the bracket we started on, we needed the FT and CCB, but things change.. If you suspect at any time you are going to go over what you estimated, adjust your figures early, as a small amount could end up costing a lot!

Yes, if you underestimate, a debt will be asked for FTB and school kids bonus

Not sure about Medicare stuff sorry

http://www.humanservices.gov.au/cust...tb-a-threshold

extra info about the extended (ftba linked) safety net