Tax lodged now what!

[~ Zarava Flutterby ~]

Sorry if there is already a thread for this, my PG brain is so not working.

so DP and i have FINALLY lodged our tax returns, i received my cheque back from the tax office so what happens now?

We OVER ESTIMATED by quite a bit (prob over $20,000) how long would it normally take to get a refund from Centrelink and how do they work it out?

I Underestimated my portion as we ended up paying me under DP's business to help with his tax etc but that will only make a difference to MY payment right, we still over estimated for the yr so will get something back.

God i hate all this stuff, it's so complicated and is prob going to be worse when #2 is here... Hmmm i'd prefer to over estimate and say what we CAN physically earn in a yr than under estimate and have to pay.
I paid my taxes for years, bout time i got something back...

[briggsy's girl]

ok, you underestimated your income. means some of the ftbb has been overpaid and will have to be paid back. for every thousand you underestimated, you will have to pay back $500

you overestimated your combined income. for every thousand you overestimated you will get a top of as UP TO $200 - if you have an income that falls in a certain window, it will be that much, if you have more or less income than that threshold, it will be less.

the system will then calculate

you are entitled to X amount for part a, plus the supplement, approx $686 for the full fin year, will be less due to when Ava was born

you owe Y amount for part b - this will be deducted firstly from your supplement for part b (around $300), and then from the top up X

if there is a surplus amount you will get a payment in the bank Z, if the amount owed at Y is more than what can be repaid with X, you will owe an amount and will be sent a letter outlining that

hope that helps

BG

ETA - tehre is no point calling until you have both received your tax cheques AND at least 14 days has elapsed since the last one was received

[~ Zarava Flutterby ~]

DP wont get a tax cheque as he is a sole trader and doesn't get anything back... hmm wonder what will happen, think DP's accountant said i earnt $4000 under DP's business god this all sucks.. i HATE TAX and all this other stuff... hmmm

[briggsy's girl]

he will still get a notice of assessment from the ATO won't he? wait at least 2 weeks after that one comes back - if you haven't heard from FAO by then, give them a call. no point until then as there is a data matching process between FAO and ATO that takes up to 2 or 3 weeks (and is so unpredictable - some are done same day!)

[~ Zarava Flutterby ~]

Thanks hun your a wealth of knowledge!

[briggsy's girl]

i'd hope so - bit scary if i don't know the basics of my job lol

[~ Zarava Flutterby ~]

you have an answer for everything... lol

Will wait for his notice of assessment and go from there... stupid accountant might have cost me money. hmmm lol nah he's great and only doing his job!