Does anyone know the name of the payment we (well I) get around tax time that is $600 per child? And does anyone know if we'll be getting it again this year?
I've been trying to explain this payment to a friend who is on PPS and has been for a few years now and she swears she's never received it... I would love to know the exact name to tell her.
I think the one you're talking about is called the FTB reconciliation amount.
Basically it's $600 per child that's held back from your yearly FTB to cover any accidental overpayment. If you end up with a debt then they take out of that first. If no debt you get it paid after you do your tax return. I always over estimate DH's income and get it paid plus anything extra that I don't get in the fortnightly payments.
I didn't know that - I really thought we would have to pay back money at tax time last year for FTB but was surprised to get a small amount of FTB back after lodging our tax return. This would explain why. Thank
I would think they are doing it this year. I haven't heard anything to say it's changed. I think a looooot of people would be caught out with debts if they stopped it.
I have over estimated my DH's income by around 20k this year (he was meant to be doing more overtime, but it didn't eventuate), so I would highly doubt I will have inccured a debt... Because so many other things have changed (Baby bonus etc) I was worried that this might be another changed payment. Cool... now I can at least know I will have something to buy some more clothes with for the kids
supplement payments (ftb reco amounts) will be paid again at tax time
your PPS friend would have automatically received hers each year somewhere between mid july and mid august. the only way pps customers dont' receive that amount each year (around 600 per child for ftba, 300 extra per family for ftbb) is if they've received an overpayment - which generally relates to getting more maintenance during the year than what they initially were told they would (ex gets a better paying job etc)
in the past i didnt receive mine because hubby did his tax return but i wasnt aware that i had to tell centrelink i didnt need to do one so if she didnt tell them she doesnt do one then that might be why she hasnt received it
you ONLY have to notify if you're partnered. if you are single and recieving parenting payment single, centrelink knows what your income is and will automatically generate the payment
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Question about payment.
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