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  1. #161
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    Smokes, alcohol and a big flat screen tv.

    No seriously - doctors bills, kids clothes and Christmas presents. Oh and let's not forget the $50 k I owe in solicitors fees to recently fight for my kids. It's a wonder we still have a roof over our heads.

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    Quote Originally Posted by Jennybaby View Post
    Thanks...I assumed as much. I get bugger all each fortnight, was shocked that they would give me the full suppliment. Was kinda hoping though cause I really need the cash!
    I think you get the full supplement, at least for family tax benefit part A. I am only eligible for about $1200 a year part A (and no part B), and we got the full supplement last year. I also used a (non-centrelink) calculator and they included the full supplement in the annual amount.

    From memory, they do pro-rata the payment if you only have a child for part of the year. I think that happened the year my son was born.

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    So long as i don't get another tax bill this year the FTB supps will be put away to pay rego, insurance and to help cover the cost of moving yet again.

  4. #164
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    rainbow road is offline look at the stars, look how they shine for you
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    This tax stuff freaks me out. What's a tax bill? Is that where you owe the govt money?

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    Quote Originally Posted by rainbow road View Post
    This tax stuff freaks me out. What's a tax bill? Is that where you owe the govt money?
    It's when you haven't paid adequate tax throughout the year, so you owe the ATO money. It's unusual to get one if you just have an ordinary job as your employer will normally collect adequate amounts of tax.

    Sometimes if you change your working arrangements during the year, you can end up not paying enough. HECS repayments can trip you up as well. If you get a pay rise throughout the year, and that pushes you over the HECS threshold, you have to pay HECS based on your whole income for that year, even if you just go slightly over.

    My partner got caught out with HECS one year as well. He started uni in 2007, but hadn't lodged an earlier return. When he lodged the earlier return, they charged HECS for that year even though at the relevant time he did not have a HECS debt. They said they could apply it retrospectively if the return was lodged late.
    Last edited by MsMummy; 27-06-2012 at 11:33.

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    This tax stuff freaks me out. What's a tax bill? Is that where you owe the govt money?
    Yes...lol.

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    What is a FTB supplement?

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    I've had tax bills the past 2 years. I was working 2 jobs and the extra tax was coming out of the job that had less hours. I'm guessing that's why there was a shortfall?
    I took extra tax out of my main job last year but still ended up with a tax bill

    This year i haven't earnt as much and have had some centrelink entitlement which means i will be entitled to tax offsets which will hopefully cancel out any chance of another tax bill.

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    Quote Originally Posted by zombiekitty View Post
    What is a FTB supplement?
    It is the lump sum payment you get at the end of the financial year if you were eligible for family tax benefit parts a or b during the year.

    The part b supplement is $300-something per family and the part a supplement is $700-something per child.

  10. #170
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    Quote Originally Posted by MsMummy View Post
    It's when you haven't paid adequate tax throughout the year, so you owe the ATO money. It's unusual to get one if you just have an ordinary job as your employer will normally collect adequate amounts of tax.

    Sometimes if you change your working arrangements during the year, you can end up not paying enough. HECS repayments can trip you up as well. If you get a pay rise throughout the year, and that pushes you over the HECS threshold, you have to pay HECS based on your whole income for that year, even if you just go slightly over.

    My partner got caught out with HECS one year as well. He started uni in 2007, but hadn't lodged an earlier return. When he lodged the earlier return, they charged HECS for that year even though at the relevant time he did not have a HECS debt. They said they could apply it retrospectively if the return was lodged late.
    So if someone hasn't worked for a whole financial year as they've been studying, they need to lodge a tax return if they have a HECS debt, right?


 

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