Printable View
Hi there,
it is possible that some time this year i may receive a Criminal Compensation payout plus receive one on behalf of my child on i was wondering do i need to declare and whom to? will i get taxed on it. Unfair if i do but hey there the rules :)
Well...From the other thread...it seems as tho if it is not taxable then you don't need to declare it.
Having said that I don't know anything about Criminal Compo :redface:
GL
you'd hve to check with ATO if you're going to be taxed on it
if it's taxable, you have to declare the income for ftb purposes
if it's not taxable, you may only need to declare if you or your partner receive income support payments
you'd have to have it checked by a compensation officer when you have confirmation that it's coming through
Criminal Compensation is not included in taxable income...
From the Centrelink Compensation Kit (online)
:
What is not included as compensation?
Compensation payments, from income replacement, sporting injury and personal sickness or accident insurance policies, are not treated as compensation if the recipient has contributed to the premium and the insurer has not reduced the policy payments by any Centrelink payments that the person has received (or may be entitled to receive). Statutory criminal injury compensation payments, payments to dependents for the death of a person, unlawful dismissal payments, anti-discrimination payments, and payments for natural disasters are also not treated as compensation.
Other exemptions include:
? Special Rate Disability Pension safety net payment under the Military Rehabilitation and Compensation Act 2004
? personal care payments made by the Tasmanian Motor Accident Insurance Board Future Care Support Scheme and by the Victorian Transport Accident Commission Attendant Care Service and Post Acute Support schemes
? regular payments made for loss of Defence Force Reserve wages because of injuries caused by activities in the Defence Force Reserves.
Some of these payments are counted under the normal income and assets test while others are not. If a person is receiving one of these payments, they should contact Centrelink to check how their Centrelink payments will be affected.
niliac so i gather then that i don't need to declare it i am currently on ftb part a and b thanks for your help!!!
Google Centrelink Compensation Kit site:.au
And it should come up in a file you can Download.
awesome thank you:
been reading about this and they say online that they can see this as an asset how would that effect me?
if you only receive ftb, based on the info Niliac provided, the only part that would be payment affecting is if it's a large amount of money and you get interest on it which is taxable via ATO. ftb is not impacted by assetts,only income
i received:
FTBA
FTBB
Rent assistance
childcare benefit
and partnered parenting
Hubbie receives NOTHING and has NEVER EVER claimed form centerlink and is out of work (he is a nz cit)
wondering if this would effect me i will be going down there on monday to find out but thought ild ask so i dont worry myself silly:redface: as i am like that :doh:
dont go to the office they cant help much other than givig you forms. call fao, explain the situation, they may be able to speak direct to the compo team for you.
if you receie compensatio you will need to devlare it for ppp purposes, if it is sittig in the bank it may class aas an assett. even if you are below the assett thresholds there will be an income deemed from interest earned
thanks for this info what would be my asset threshold i never new there was one.??:
Here is the table for asset test for PPP
Assets test
partnered (combined) up to $381,500 is this talking about once off payments or talking about assets like house hold items value or cash or what sorry new to this. and very curious.:
also do they do this test on any of their other payments
assetts are everything other than your primary home - so cash in the bank, cars, contents etc
o.k thanks again im so stupid especially this pregnancy i can hardly function my brain is gone so bad!: