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  1. #1
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    Default overestimated for family tax benefit?

    This year I overestimated my partners income to centrelink by $7000, in Feb, he got a raise and updated the estimate again. Overestimating his income to $8500.
    We did his taxes and I found out how much over I was. Has anyone else estimated similar? Is it OK to overestimate that much?

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    You can overestimate as much as you want. It just means you will receive a higher arrears payment come tax time.
    It's underestimating your income that you need to be careful of, as you can end up with a nasty debt.

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  4. #3
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    bunkx is offline Being happy doesn't mean that everything is perfect. It means that you've decided to look beyond the imperfections
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    I pretty sure overestimating is ok even if by a lot, it's the underestimating which is bad.
    Hopefully you get a nice amount of money back

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    I over estimate by tens of thousand every year and receive the payment as a lump sum arrears payment.

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    Yeah a friend said she goes over by 10 grand lol gets a nice return

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    That's good to know! I've always tried to keep it close! Wow 10,000... I would imagine they would get quite a bit?

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    We always overestimate hugely so we don't get a fortnightly payment, just a lump sum at the end, last year we got $15,000 it was awesome!! It's like a savings plan for us

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    Quote Originally Posted by 3bubbys View Post
    We always overestimate hugely so we don't get a fortnightly payment, just a lump sum at the end, last year we got $15,000 it was awesome!! It's like a savings plan for us
    Oh wow, thats definitely a nice bonus!

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  11. #9
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    bunkx is offline Being happy doesn't mean that everything is perfect. It means that you've decided to look beyond the imperfections
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    Quote Originally Posted by 3bubbys View Post
    We always overestimate hugely so we don't get a fortnightly payment, just a lump sum at the end, last year we got $15,000 it was awesome!! It's like a savings plan for us
    That's an awesome amount

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    It was lovely, we have 3 children and I hadn't worked much because DD was just born so that's why we got so much, this year it'll probably only be $7000 . I used to get it fortnightly but found we would just spend it, so now get it as a lump sum and pays for holiday, rego's and Xmas.


 

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