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  1. #171
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    Quote Originally Posted by rainbow road View Post
    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?
    You only need to lodge a return if you earn over the tax free threshold, or if you have paid tax that you want to claim back. Certain centrelink payments are taxable though, so you might have to lodge a return for those.

    the HECS threshold is slightly over $47,000, so you don't have to repay any until you earn over that.

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    I always get nervous this time of year, because every year we have a different estimate and I worry about there being a stuff up. I always over estimate though so I get more than the supplement.

    It's going towards buying a car OR I need to see a dentist so that might swallow it up.

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  4. #173
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    rainbow road is offline look at the stars, look how they shine for you
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    Quote Originally Posted by MsMummy View Post
    You only need to lodge a return if you earn over the tax free threshold, or if you have paid tax that you want to claim back. Certain centrelink payments are taxable though, so you might have to lodge a return for those.

    the HECS threshold is slightly over $47,000, so you don't have to repay any until you earn over that.
    Ah see I thought it was compulsory to lodge a tax return and I don't earn over any threshold this year (tax free or HECS) so I wasn't sure what to do this year! Thanks!

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    Quote Originally Posted by rainbow road View Post
    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?
    I just looked at the youth allowance rates, and on a full rate (without children), you would only get about $11,000. While that is taxable, the combination of the tax free threshold and the low income offset, would mean no actual tax is payable. (any amount received for rent assistance is not taxable)

    But if you had any other earnings in that financial year, then that might push you over.

    Slightly off topic, but I am impressed that anybody could live on $200 per week! I was eligible for youth allowance for the first year or two while I was at uni, but always had to work to supplement it as the payment rates are so low, and that was in 1999-2000, when rent was heaps cheaper.

    http://www.centrelink.gov.au/interne...rs/taxable.htm

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    Quote Originally Posted by MsMummy View Post
    I just looked at the youth allowance rates, and on a full rate (without children), you would only get about $11,000. While that is taxable, the combination of the tax free threshold and the low income offset, would mean no actual tax is payable. (any amount received for rent assistance is not taxable)

    But if you had any other earnings in that financial year, then that might push you over.

    Slightly off topic, but I am impressed that anybody could live on $200 per week! I was eligible for youth allowance for the first year or two while I was at uni, but always had to work to supplement it as the payment rates are so low, and that was in 1999-2000, when rent was heaps cheaper.

    http://www.centrelink.gov.au/interne...rs/taxable.htm
    Don't get anything from the govt due to my parents income! Even though I live out of home. Live off my pay (under TFF) and DP while I'm studying.

    Won't bother with a return this year, will get bugger all back!

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    Quote Originally Posted by MsMummy View Post
    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.
    Do you get anything if u have been recieving ftb a and b throughout the year or only if you opted to get a lump sum payment and the end of the financial year?

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    Quote Originally Posted by ShanandBoc View Post
    Do you get anything if u have been recieving ftb a and b throughout the year or only if you opted to get a lump sum payment and the end of the financial year?

    Sent from my GT-I9100T using BubHub
    You get the supplements either way, but if you have been overpaid ftb throughout the year, they they would deduct the overpayment from the supplements.

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    What is this & do we get it every year? I am on FTB for my DS never use it, it goes into a different bank account & I never look into that bank account.

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    Quote Originally Posted by Mummytopeanut View Post
    What is this & do we get it every year? I am on FTB for my DS never use it, it goes into a different bank account & I never look into that bank account.
    I am a stay at home mum & my DP works, I think he might earn to much.

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    Quote Originally Posted by rainbow road View Post
    Don't get anything from the govt due to my parents income! Even though I live out of home. Live off my pay (under TFF) and DP while I'm studying.

    Won't bother with a return this year, will get bugger all back!
    If your employer paid some tax, then you could do a return for free on etax online, but, as you say, it might not be worth the effort.

    If you work a certain number of hours you can be classed as independent from your parents, although once you have a spouse, that will normally make you ineligible for centrelink payments if they work and earn an average amount. My partner didn't work for 18 months during his degree, and when I looked into it, he wasn't eligible for anything as I was working.


 

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