claiming C'link benefits before end of financial yr

[tattoo_mama]

hi all

this is my situation:
bubs is due to be born 10th may (approx 8 weeks before end of the 08/09 financial yr.
i have been working part time for the whole financial yr (up until the end of this week) making approx $600 per fortnite before tax...ive worked this out to be an estimate income of approx $14000 for the 08/09 finanical yr.
from what ive understood [thanks BG ] is that for C'link benefits, between when bubs is born (may) and end of finanical yr (30 june) , i have to put down my estimated income as this 14000, and put down DP's estimated income for the 08/09 financial yr (approx 30000). We arent too sure exactly how much DP has earnt so i was thinking of putting 35000 as his income estimate just to cover ourselves so we dont owe C'link when tax time comes (e.g. us being overpaid benefits).

so my question is, say if we estimate our combined income to be $50000 (his plus mine)for the 08/09 financial yr, but then we find out weve actually only earnt say 40000 or 45000, does C'link pay you back anything (cause we will have been getting reduced/underpaid benefits based on me and DPs income being estimated too high).

really hope this makes sense to someone and they can help me!

[BrightSparkles]

to the best of my knowledge...
if you over estimate what you and DP earn in that finacial (sp) year... then when you do your tax it will be reconciled and any money owning to you will be paid back then. i was always told to over estimate rather than underestimate.

I definatly think i calculated mine wrong and overestimated by about hmmm $20k!!!!
Silly Silly me LOL

hope this answers your question. Others on here might have clearer info for you though.
Good luck with the birth Hun.
xxx

[Willow]

My understanding is yes, they will back pay you. We had this happen last financial year, we got FTB when my tax return was lodged, then after DH lodged his, we got another cheque for the difference because we'd overestimated his income.

[tattoo_mama]

oh goody that sounds like a plan then, yes i was told to overestimate but was worried that even if i did they wouldnt pay ppl back, only charge you if you underestimated if that makes sence.
as the saying goes, id rather be safe than sorry!!

[DoubleK]

you'll definitely get your top up payments hun. at tax time ive always had a nice surprise top up from over estimating!

[briggsy's girl]

the only time you WON'T get a top up if you over estimate is if you take more than 24 months to lodge your tax return (which i'm guessing you won't do!) - otherwise, if you overestimate, you get the rest of your entitlements paid to you as a top up

[barbie-up]

Something else included with the 'top up' is the approx $600 per child if you receive family tax A and $300 per family if you receive family tax B.

I love tax time !! I count down from about January every year !

[briggsy's girl]

the $600 and $300 payments are based on income as well - they are not guaranteed - they are a part of your FTB entitlement but when income reaches set thresholds, these reduce. so please don't assume getting some FTB means you get these payments

[Willow]

BG, can you tell me what the combined income threshold is to receive FTB? I'm positive we'll get it this year but just wanted to check??

[briggsy's girl]

Willow - with two kidlets the ABSOLUTE cut off - including supplements (the $600 cutting out) for 08/09 is 111082

[barbie-up]

Sorry bout that - I thought that if you were under the threshold for receiving FTB A or B, then you automatically got the top ups ?

How would it work that you receive A and B and not get the $600 or $300ish at tax time? Assuming you have correctly estimated your income/s for the year ?

[Willow]

Oooh cool, we should just make it I think!

Thanks BG!!