FTB Part A & B

[JellyBean01]

Hi,

I didn't realize Centrelink would include my FTB payments as income that i would have to pay tax on and that my payments would be based on to - that's just stupid! How was i suppose to know that!

When i was asked to estimate my income for 2009 financial year ($15,000) i didn't include the FTB and rent assistance payments that i would be receiving for the rest of that year as i didn't think i had to. Now that say i have underestimated my income so i owed them $300 for 2009. My income from my job for July to December was $15,000 and then i recieved $4,000 from Centrelink so they have sent a letter saying my taxable income was $19,000 because i only estimated $15,000 for myself.

I completed the form for estimate of income for the 2010 financial year and only said $10k for money i recieve for working but now i am thinking i will have to work out how much i will be getting paid FTB and rent assistance for the 2010 financial year so i don't receive an overpayment again from them.

Has anyone else found this to be the case also?

[Lulu]

No, cos it's not the case. Did you get Parenting Payment?

[JellyBean01]

Hi LuLu,

No just FTB standard and supplements.

Thought i'd ask on BB if this was the case before i ring FAO.

[Lulu]

Have you done your tax yet? It should all sort out once your actual income has been determined by the ATO. FTB isn't taxable and isn't included as taxable income.

[briggsy's girl]

ftb is not income
if your accountant put it down as income your accountant messed up