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  1. #11
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    If you overestimate and you receive ftb fortnightly, you will get a back payment of arrears. However, I have read somewhere (can't find it now) that if you overestimate 2 years in a row and receive fortnightly that you can be penalised. I'm trying to find the article but can't.

    We always get it at the end of financial year as my husband is self employed so it's hard to know his income and I've been working part-time or on maternity leave since 2008 so my income is difficult to estimate as well.

  2. #12
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    Quote Originally Posted by 3bubbys View Post
    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.
    That's true. Getting a lump sum is very handy. I got nearly 3000 last year, and definitely comes in handy!

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    3bubbys  (07-07-2014)

  4. #13
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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 BigRedV View Post
    If you overestimate and you receive ftb fortnightly, you will get a back payment of arrears. However, I have read somewhere (can't find it now) that if you overestimate 2 years in a row and receive fortnightly that you can be penalised. I'm trying to find the article but can't.

    We always get it at the end of financial year as my husband is self employed so it's hard to know his income and I've been working part-time or on maternity leave since 2008 so my income is difficult to estimate as well.
    I remember reading or being told that too.

    I'm worried about this new finical years as dp is now self employed so it varies a lot especially in winter as the rain stops a lot of work

  5. #14
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    we overestimate by a LOT too

  6. #15
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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 only over estimated by $4500 so about an extra $500 but I guess it's better then nothing

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    Quote Originally Posted by BigRedV View Post
    If you overestimate and you receive ftb fortnightly, you will get a back payment of arrears. However, I have read somewhere (can't find it now) that if you overestimate 2 years in a row and receive fortnightly that you can be penalised. I'm trying to find the article but can't.

    We always get it at the end of financial year as my husband is self employed so it's hard to know his income and I've been working part-time or on maternity leave since 2008 so my income is difficult to estimate as well.
    That's a bit terrifying! Is it only meant to start from this year? I've always way overestimated in the past and never had any issues.

    Sent from my GT-I9505 using The Bub Hub mobile app

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  9. #17
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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
    We ask to not receive the fortnightly payments (due to variable income) and also treat it as forced savings. It's great logging into internet banking one day and feeling like you won the lotto.

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  11. #18
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    I over estimated by $25000 this year so I'm hoping for a nice surprise. I do it as forced savings as well plus pay extra tax so I get a decent tax return. I'm hopeless at saving so it works well for me. I can't wait to get my tax return, I'm booking a holiday for myself, mum and the three kids <3

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    Quote Originally Posted by BigRedV View Post
    If you overestimate and you receive ftb fortnightly, you will get a back payment of arrears. However, I have read somewhere (can't find it now) that if you overestimate 2 years in a row and receive fortnightly that you can be penalised. I'm trying to find the article but can't.

    We always get it at the end of financial year as my husband is self employed so it's hard to know his income and I've been working part-time or on maternity leave since 2008 so my income is difficult to estimate as well.
    I thought that was only for underestimating? I have always always overestimated and never been penalized, but last year we accidentally underestimated and I was told if we did it 2 years in a row we would no longer be eligible for fortnightly payments (which we no longer do anyway)

    Sent from my GT-I9505 using The Bub Hub mobile app

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    Quote Originally Posted by peanutmonkey View Post
    I thought that was only for underestimating? I have always always overestimated and never been penalized, but last year we accidentally underestimated and I was told if we did it 2 years in a row we would no longer be eligible for fortnightly payments (which we no longer do anyway)

    Sent from my GT-I9505 using The Bub Hub mobile app
    That makes more sense. I'm sure most people would overestimate to some degree and when I was first filling in my paperwork centrelink advised me to overestimate.


 

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