I stuffed up!! Can I change payment option from PPL to BabyBonus?

I lodged my forms last week requesting PPL but think I have made a mistake.

I think I am going to receive less on the PPL than I would if I picked the baby bonus. Our incomes have changed so much lately so I just did some guesstimates with overestimating incomes and now I lave realised we wont get as much on the PPL scheme.

Does this get reconciled at the end of the financial year like other centrelink/family assistance payments?

If not can I request to change payments? I havent received any payments yet but am also unsure if money has been sent to my employer yet and I just havent received it.

Ali do you mean that your PPL will be reduced as you earned too much? I thought PPL was just at one rate but maybe I have it wrong?

My knowledge of PPL is that is the one rate which isn't reconciled at tax time. I think where you can be caught out though is that the PPL is taxable so if your employer doesn't pay it direct to you and automatically take the correct tax rate out the you can get a tax debt?! BBY isn't taxable. Best to use the calculator online but makes its tricky if your income is all over the shop. If you've only just lodges your claim and it hasn't yet been granted you will be able to change your mind. It maybe that you have to cancel current claim then re-do to claim the BBY but I'm not sure on that.

I think it is prorata depending on what you earn.

I am just worried that it wil also decrease my FTB and then I will end up with less overall. Going to call up later today to see what they can tell me.
It is all very confusing.

Very confusing!! Good luck :)

Ppl is a flat rate. But it is taxable so it will alter your ftb for the financial year. You can change it. If you call fao they can alter it for you.

All sorted now. Thank you so much for all your help :)