ok so I over estimated our income by approx $30,000

[GlitterMum]

So as the title states, I have accidently over estimated out income by nearlly $30,000 for the last financial year.
What happens now?
We were getting some benefits but I wouldnt say it was much, approx $25- $50 I think

We are planning on doing our tax soon but do you think we will get some money back ????

It would be nice but we aren't counting on any


Thanks for reading

[onthefly]

I would guess if you're entitled to some benefit now and your actual income is less than estimated then you'd be entitled to some sort of top-up payment. Quick, run off and do your tax returns!

[GlitterMum]

Thanks for the reply Marcellus
I will def book it in now

[Just Me]

We over estimated ours by $7000 and got nearly $4000 back from FTBA & FTBB so you might be in for a very nice surprise (we have 3 kids though so that is factored into it a bit as well).

That is really great news for you ... gotta love tax time

[Kazmar]

You will get soooooooooooooooo much money back!!!!

[GlitterMum]

OH MY GOD!!!!!!!
Are you serious Just Me, that is awesome

I really hope we get something, I will even be grateful for $500 lol

I will keep ya posted

[Just Me]

You will get at least $500 (I actually think you will get a lot more) - they put aside about $600 per year per child so that even if your estimate is spot on, you would at least get that. I can't remember how old your little man is, but if he is not quite a year, they calculate it on how many days he was in your care.

We only put our tax returns in on the 9 July and we received our payment on Monday (18th July) so they were super fast. We are still waiting for our tax refund though but the tax office must have passed all our info onto the family tax office.

Yay for over estimating incomes

[briggsy's girl]

lots will come into - including how much you estimated, how much you actually earned, how many kidlets, when they were born, who the income was attributed to etc. you'll get a top up, but until you've done your tax it's soooooooooo hard to guess. i'd not assume massive amounts until you knwo the actual details - better to get a nice suprise than to be disappointed!

[GlitterMum]

thanks girlies.
BG we have 1 child who was born 21st Dec. So we are not expecting anything back. If we do great if not then oh well lol

[briggsy's girl]

given you over estimated you'll get atleast half the ftba supplement (about 360 ish) - lots of other stuff will come into it

i know everyone wants to share their good fortune, but it's REALLY difficult to stay grounded when you hear someone overestimated by 7k and got 4k back, but someone else overestimated by 20k and may have gotten 2k. it really has to factor so much into it.