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  1. #1
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    Default centrelink

    hi

    does anyone know what the $ is for over estimating your taxable income for the financial year? is it a certain amount in the $1

    we over estimated by $2560.


    TIA

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    I don't know specifically but I over estimated ours by almost 10k and got about 5k back. I think it depends on your tax bracket as well

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    Quote Originally Posted by DesperatelySeekingSleep View Post
    I don't know specifically but I over estimated ours by almost 10k and got about 5k back. I think it depends on your tax bracket as well
    Thanks

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    Actually I just realized I over estimated by around 15k mark, sorry

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    I over estimated by $10k and got next to nothing back so am interested in other replies

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    If it's for CCB & CCR then I think they factor in 15% amount to hold back from your payments to prevent you being overpaid

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    Quote Originally Posted by Snooze View Post
    If it's for CCB & CCR then I think they factor in 15% amount to hold back from your payments to prevent you being overpaid

    no mine is just for my FTB part A and B... My DD is 17

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    I over estimated my $13k but cause the brackets didn't change I didn't get anything

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    Quote Originally Posted by crankyoldcow View Post
    I don't know if it is still the case, but centrelink used to have income bands for working out FTB's.

    eg it your income falls between $50k and $60k you will receive $x in FTB's.

    I'm not too sure if they still calculate FTBs this way, but if they do you will only get additional FTBs if the overestimate pushes you down to a different income band. If you remain in the same band you won't receive anything.

    ahh ok thanks


 

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