When I put in all the paperwork for baby bonus, FTB etc I overestimated both mine and DPs earnings because he is an individual contractor and it can vary usually as to how much he earns. They went off his last financial years earnings so I put down my full time salary even though I am on half pay for 8 months of the financial year to cover any earnings DP may have had over last years figures. The combined figures were over $120k so we were not entitled to any FTB.
Anyway, DP will probably be lucky to even earn last years figures at the rate work has been for him and they have just started up a new business (as oppossed to being individual contractors) so it changes things.
I have to ring c'link of Monday to advise them of change to DPs employment status and I was also hoping to change my earnings. I have done some rough figures and worked out what I should actually earn (gross) and want to leave DPs as I put it in August.
Do I just tell them this over the phone? If it changes my eligibility to FTB do I then need to include the FTB in my earnings?
Also, I was doing salary packaging at work and have two figures on my payslips gross and taxable (which are usually the same on people who do not salary package) so I have been using the gross figure... do I need to use the 'grossed up' figure?
i do know the FTB is not included in ur earnings coz its ur earnings they use to work out how much FTB u get if u can wait till tax time its probably easier to wait and get a lump sum if u are entitled to any HTH
Yes - all you do is ring up and you can change your income details over the phone. It is all adjusted at the end of the financial year when you do your tax anyway, so better to over estimate and then you will get some back
tk199 - they'll be able to change it over the phone for you - you can also change it online if you are registered for the self-service options through the Centrelink website. When you're providing your annual income estimate for FTB, you need to use the 'grossed-up' amount (the higher figure on your payslip). If the estimate you're providing is lower than the one you had previously, you may notice an increase in your fortnightly FTB payments HTH!
I don't know if you called Centrelink already, but if your income estimate was over 120K, precluding you from any payment, you may find that you will need to put in a new claim for FTB, which is done online.
I'm sorry, I didn't check, but is it for one child? If your combined income is still over 100K then you will still be over for FTB Part A. If at the end of the FY you find that your income is actually below this, then you can put in a lump sum claim.
WRT salary packaging, the 'grossed up figure' is what needs to be used.
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