Qu re: End Financial Year Deficit / Refunds

[The[cookie]Doctor]

I have been grossly over estimating because I don't want to end up with a debt at the end of the year, and because DF's base pay went up (not to our knwoledge, and only by $2k/a) and I wanted to make up for if we had been overpaid, etc.

I've just had a look at the estimator online as I am soon to be returning to work. I know FTB A&B are refunded in the case of overestimates (well... I was last year??), but what about rent assistance? I did an average as an overestimate (roughly $6,000 difference), and compared with a more accurate (to my knowledge) estimate, I would be missing out on rent assistance (which would add up to almost $1000 over time). So if I overestimate, will we get rent assistance back?

I don't mind if we don't, honestly I would rather overestimate and be on the safe side, just curious.

Does anyone know what the heck I am on about? / Can help?

Pleeease

[Danni]

Yes honey. We got reimbursed our overestimated FTB payments A, B as well as rent assistance

[The[cookie]Doctor]

Thanks D, but now I'm freaking out anyway...

I think I realised that I will end up owing anyway despite not having any idea I would be returning to work until a couple of days ago.

I'm really confused now.

Say we have gotten $250 a f/n for the last 7 months - which we have been entitled to,
and from now on we would be eligible for $80 a f/n for the next 5 months,
according to an annual estimate, aren't i now going to owe something?

oh frick maybe i won't go back after all. i'd prefer not have a debt. *sigh*

[Neenee Jellybeanie]

Edit: I posted this completely in the wrong place

[The[cookie]Doctor]

damn, I was hoping it was an awesomely knowledge filled reply!
Oh well

[briggsy's girl]

damn, I was hoping it was an awesomely knowledge filled reply!
Oh well

maybe i can help with the waffle bit!

hun, if this is your first return to work since A was born (which i think it is) and you're returning for more than 10 hours per week, there is a thing called FTBB quarantining.

what basically happens is that, for the period July 1 until you return to work, you'll be eligible for max FTBB from july 1 until you go back. so the drop of 170 that you think will happen (and it will from when you return), doesn't mean you'll owe that amount.

what will happen is that the system will say you've been overpaid, BUT the system confirms you've returned to work, and the weeks before that, you don't have to pay back the 128 ftbb for that time. essentially it means you've been overpaid ONLY FTBA for the start of the financial year, not FTBB. the result means (if the drop is 170 per fn) you've probably been overpaid only 30ish a fortnight - which will come from your supplement payment.

i hope that makes sense - i'm feeling awful this am and trying to get the words out without being too technical - it's not working!