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  1. #11
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    Thanks so much! I agree the calculators are so basic!
    So if DH and I both work (self employed) we cant get FTBb, only FTBa?

    Did you use the Centrelink calculator and Ato tax rate calculator to work it out? Is my gross income the same as my taxable income?

    So all I should be worried about is adding Ppl of 10.5k onto my income for the tax year 2012-2013? So if the cutoff for FTB is 98k we should still be pretty right as I am expecting similar taxable income next year.

    What is parenting payment??
    And do i have to ASK the operator on the phone if I can get this and rent assistance?

  2. #12
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    Quote Originally Posted by SugarplumMummy View Post
    Thanks so much! I agree the calculators are so basic!
    So if DH and I both work (self employed) we cant get FTBb, only FTBa?

    Did you use the Centrelink calculator and Ato tax rate calculator to work it out? Is my gross income the same as my taxable income?

    So all I should be worried about is adding Ppl of 10.5k onto my income for the tax year 2012-2013? So if the cutoff for FTB is 98k we should still be pretty right as I am expecting similar taxable income next year.

    What is parenting payment??
    And do i have to ASK the operator on the phone if I can get this and rent assistance?
    You can both work and get part B if the higher income (from memory) is less than $150k pa and the lower income (from memory) is less than approx $25k. The exact figures are on the Centrelink web site. You don't get much part B if you're approaching that 25k mark though. I think the lower income has to earn under approx $6k pa for the full amount.

    Gross income is the actual amount you get paid, but taxable is gross less deductions and is the amount you actually pay tax on.

    I did use the ATO calculators and the Centrelink calculators.

    Parenting payment is a government benefit for either single or partnered people on low incomes who have children.

    based on your income, you would still get family tax benefit A either way, but the amount varies based on income. You get the full rate up to a certain income, then they reduce it by so much in the dollar for every dollar earned over that amount.

    Link for income tests and payment rates for parts a and b:

    http://www.humanservices.gov.au/cust...-part-a-part-b

    Link for income test and payment rates for parenting payment:

    http://www.humanservices.gov.au/cust...enting-payment

  3. The Following User Says Thank You to MsMummy For This Useful Post:

    SugarplumMummy  (29-06-2012)

  4. #13
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    Your taxable income is your income minus deductions, so no, it may not be your gross income. If you look at your tax return you'll see a category for 'taxable income' and that's what you put in.

    I've made all my claims online through the centrelink online system. It asks heaps of questions for the family tax benefit application. I only do my applications at the end of the financial year when I have my tax return back though cause when I was employed my income varied from week to week and now I'm self employed so it's impossible for me to estimate my income.

    The other thing to consider is that if you return to work after the birth of bubs and you are the lower income earner in that financial year (between you & your dh) then you get maximal ftb b for the period of time from the end of the PPL to when you return to work ... in my case that wasn't great cause it was only 4 weeks worth, but still, it's something extra.

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    SugarplumMummy  (29-06-2012)

  6. #14
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    Quote Originally Posted by mim1 View Post
    Your taxable income is your income minus deductions, so no, it may not be your gross income. If you look at your tax return you'll see a category for 'taxable income' and that's what you put in.

    I've made all my claims online through the centrelink online system. It asks heaps of questions for the family tax benefit application. I only do my applications at the end of the financial year when I have my tax return back though cause when I was employed my income varied from week to week and now I'm self employed so it's impossible for me to estimate my income.

    The other thing to consider is that if you return to work after the birth of bubs and you are the lower income earner in that financial year (between you & your dh) then you get maximal ftb b for the period of time from the end of the PPL to when you return to work ... in my case that wasn't great cause it was only 4 weeks worth, but still, it's something extra.
    You said that you do your applcations online - do I need to do this at the end of the tax year every year to claim my FTB? (centrelink told me to do nothing as my tax being lodged with the ATO will complete the process for me?)

    Also how do they know when I am returning to work? Is that from the date I supply on my newborn claim form?

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    Quote Originally Posted by MsMummy View Post
    You can both work and get part B if the higher income (from memory) is less than $150k pa and the lower income (from memory) is less than approx $25k. The exact figures are on the Centrelink web site. You don't get much part B if you're approaching that 25k mark though. I think the lower income has to earn under approx $6k pa for the full amount.

    Gross income is the actual amount you get paid, but taxable is gross less deductions and is the amount you actually pay tax on.

    I did use the ATO calculators and the Centrelink calculators.

    Parenting payment is a government benefit for either single or partnered people on low incomes who have children.

    based on your income, you would still get family tax benefit A either way, but the amount varies based on income. You get the full rate up to a certain income, then they reduce it by so much in the dollar for every dollar earned over that amount.

    Link for income tests and payment rates for parts a and b:

    http://www.humanservices.gov.au/cust...-part-a-part-b

    Link for income test and payment rates for parenting payment:

    http://www.humanservices.gov.au/cust...enting-payment
    Ok so I didnt realise FTB goes on how much you and your partner earn seperately? I thought it was just a combined income and didnt matter how much each of you earnt. I do have the opportunity to manipulate this as we have distributions from a trust ( which is what our income is) I can nominate each year who gets paid what basically..so I guess I havent been doing this to benefit me where Centrelink benefits are concerned. I will have to read through the FTB ruling and see how I can do this better.

    Looks like we are eligible for parenting payment as it states we must have a combined income of less than 1660/fn and we have 1560/fn.Can the parenting payment be claimed as a lump sum at the end of the tax year too?

    Looks like we can get maximum rent assistance too of 140/fn. Can this be backpaid and once a year also? We were paying 760/fn in rent for that tax year.

  8. #16
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    It is horribly confusing. I sympathise entirely - I struggled working it all out for my second baby because I'm the main income earner and DH is a SAHD and it's just clear at all. I always overestimate for FTB A and B because I know we'll get any shortfall paid after we do our tax but working out the difference between the Baby Bonus and Paid Parental leave was hideous. The parental leave is based only on our income, not a joint income, so it does benefit (and rightly so) mum's who do not get much mat leave pay from their employer. If you are lucky enough to get mat leave pay (like me) then it complicates it a lot - especially when you're not sure how much you'll earn when you do go back to work (which is my biggest question mark - full time? Part time??).

    Good luck working it out - be careful as well about your adjusted income vs gross income vs actual income. Maybe your accountant can help too? I found Centrelink staff, while mostly friendly, more confused than me.

  9. #17
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    Quote Originally Posted by SugarplumMummy View Post
    You said that you do your applcations online - do I need to do this at the end of the tax year every year to claim my FTB? (centrelink told me to do nothing as my tax being lodged with the ATO will complete the process for me?)

    Also how do they know when I am returning to work? Is that from the date I supply on my newborn claim form?
    You do the claim after the end of the financial year, after you put your tax return in and get your statement (and bill from the ATO/or refund cheque) from the ATO. It's the info on that statement that you need to fill in the financial side of the questions needed for FTB. It used to be done when you lodge your tax return, but it hasn't been done that way for 3 years. Centrelink cross check the info you put in with the ATO, but you need to actually apply through the Centrelink online system to get the payments.

    The online application for FTB has a ridiculous number of questions. You full name, any other names you have, if you've travelled overseas, your passport number, etc, etc, etc. It also asks the ages/DOB of your children and if you have returned to work after the birth of a child you put that information in at one point along the way there too.

    I own a house, so I don't know about rent assistance and back dating it. I haven't applied for the parenting payment, so I don't know about that either.

    And yes, centrelink pays more money to the 'lesser' income earner, that's the whole basis of the family tax benefit in many ways ... assuming that the lesser income earner is staying home to look after the kids.

  10. #18
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    Quote Originally Posted by SugarplumMummy View Post
    Ok so I didnt realise FTB goes on how much you and your partner earn seperately? I thought it was just a combined income and didnt matter how much each of you earnt. I do have the opportunity to manipulate this as we have distributions from a trust ( which is what our income is) I can nominate each year who gets paid what basically..so I guess I havent been doing this to benefit me where Centrelink benefits are concerned. I will have to read through the FTB ruling and see how I can do this better.

    Looks like we are eligible for parenting payment as it states we must have a combined income of less than 1660/fn and we have 1560/fn.Can the parenting payment be claimed as a lump sum at the end of the tax year too?

    Looks like we can get maximum rent assistance too of 140/fn. Can this be backpaid and once a year also? We were paying 760/fn in rent for that tax year.
    part b for you will be assessed on the lower income so you could manipulate your distributions from the trust, but you would have to compare how much you would get from part b versus the benefit of both of you getting the tax free threshold and lower rates.

    I have no idea about parenting payment or rent assistance as we're not eligible for either. To claim ftb, you have to do this really freaking annoying claim form. But, once you do it once, you nominate online for it to happen automatically in following years.

  11. #19
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    Quote Originally Posted by MsMummy View Post
    part b for you will be assessed on the lower income so you could manipulate your distributions from the trust, but you would have to compare how much you would get from part b versus the benefit of both of you getting the tax free threshold and lower rates.

    I have no idea about parenting payment or rent assistance as we're not eligible for either. To claim ftb, you have to do this really freaking annoying claim form. But, once you do it once, you nominate online for it to happen automatically in following years.
    Thanks yes I think we receive a zero rate of FTB so wont need to do the online application again?
    I am now thinking we wont be getting rent assistance as we own rental property.
    Will have to nut out the distributions better next year!

  12. #20
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    Hey mate with regard to the Parenting Payment you cannot be assessed at the end of the financial year. Best advice is to claim fill out the Necessary paperwork and get it assessed..... Even if you are eligible for only 10 bucks a fortnight of PPP It will qualify you for Max FTBA and Child Care Benefits and other ancillary payments Potentially Jet Child Care?..


 

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