Question about CCB rebate.

[MissBrightside]

Last year i went to an accountant and had my tax refund done. On my claim thingy, he has claimed the 30% rebate and I got roughly $500. Do you get the rebate amount in your tax or is it used as a tax offset, so you don't actually get the whole amount due to you? Very confused as I didn't get a CCB rebate of $500.
Did that make sense?:laughing:

[MissBrightside]

Anybody?

[Zada]

umm you should get what the accountant claims. Last yr the accountant tells me oh you might get $30 back. 2 weeks later along comes a cheque for $1300 :eek: :smiliedance:

[MissBrightside]

Wow zada I would have been dancing to.
So you think I should have gotten the $500 cos I definately didnt even though it was calculated on my tax form.
Think I should maybe see a different accountant this year.

[M~T~J~M]

Last year the 30% rebate just came off your taxable income I think - you couldn't actually claim it back in monetary form from what I was lead to understand.
My DH had a little bill with the tax department, and our 30% rebate was taken off that.
This year, however, you are able to claim the 30% rebate back as 'money'. This year, you are able to claim the last two financial years, where as last year, we were only able to claim the previos year before that. I have recently received an information pack on it all from either centrelink, or the taxation department, I can't remember.
I suggest to do a search of the taxation website, and the centrelink one. You will find all you need to know about their new system on one of the sites. :)

ETA - I see you have a 4 yr old. I do too, and I would think that the $500 you got back would've been the baby bonus that parents receive each year until their child turns a certain age (if the child was born before a certain cut off date) if you understand? I don't receive this $500 for any of my other children, just my 4 yr old. Your $500 would be from that, as it is paid on top of your normal tax refund if you earnt under a certain amount...you with me?

[Angelinalily]

I thought the way it was worked out, was that if you are entitled to $500 rebate, that meant $500 would be taken off the total amt of your taxable income. Did that make sense? So you wouldn't necessarily get $500 in the hand, but your taxable income would be reduced by $500.

I could be wrong - someone please correct me if that is the case.

[Angelinalily]

This year, however, you are able to claim the 30% rebate back as 'money'. This year, you are able to claim the last two financial years, where as last year, we were only able to claim the previos year before that.I think the only year claimable on yout tax is 2005/2006, and this is the last year it will be included in the tax system. Then 2006/2007 will be refunded to you after you lodge your tax return, I think at the same time they pay that $600 per child.

Once again correct me if I'm wrong, just going on what I have heard and read on the tax website:)

[MissBrightside]

Yep got the $500 baby bonus for my 4yo. Just wasn't sure about the CCB rebate though as it was estimated to be just over $500, but my tax refund was $600 odd dollars, which included the baby bonus. Was just a bit confused about the CCB rebate, wasn't sure if you actually got the 30% in your hand or if it was then calculated into your tax.

[M~T~J~M]

Yep got the $500 baby bonus for my 4yo. Just wasn't sure about the CCB rebate though as it was estimated to be just over $500, but my tax refund was $600 odd dollars, which included the baby bonus. Was just a bit confused about the CCB rebate, wasn't sure if you actually got the 30% in your hand or if it was then calculated into your tax.

Oh, ok...Yeah, well last year, it was just calculated into your tax.

[Lachlan's Mum]

Do you get the rebate amount in your tax or is it used as a tax offset, so you don't actually get the whole amount due to you?

Hi there - I was a bit confused about this too, but I think I've worked it out now:-

It is NOT a cash in hand payment (until this year because of the budget changes) but for 2005/06 claims - it is a TAX REBATE - therefore in order to get the full 30% you must have a tax liability of equal or more than the value of your 30% claim.

A Tax Liability is the amount of tax you are required to pay on your income. Therefore if you are not working, then you probably don't have a "tax liability" as such - or only a small one. It is best in that case if the higher earner in your house claims the rebate and it will come off the tax they have to pay.

You don't have to have a tax bill - just have earnt income and effectively then you do get some money in the hand, as if your tax liability is reduced, then there will be more of your PAYG contributions to refund to you.

Hope that makes sense!

In my case, I earnt more than DH last year, so I will make the claim - even though I am expecting a refund, and he has a bill!