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  1. #1
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    Default Cut off for Centrelink (business)

    I know there's been a lot of threads regarding Centrelink, however I wonder if anyone knows the following.....
    What is the cut off for payments FTB A&B, parenting payments.
    Is the school bonus still happening?

    And if your self employed what's the cut off again.

    Thank you

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    School kids bonus is finishing July this year.

    Cut off for FTB A:
    https://www.humanservices.gov.au/cus...x-benefit-part

    Cut off for FTB B:
    https://www.humanservices.gov.au/cus...benefit-part-b

    In terms of the ramifications about being self employed, I notice that you have asked this question a few times on here now. There are no special Centrelink income cut offs for being self employed. They are the same for everyone. If you have any concerns about your specific situation, you may be better off phoning Centrelink and getting answers based on your actual income.

  3. The Following 2 Users Say Thank You to SSecret Squirrel For This Useful Post:

    amyd  (23-04-2016),PomPoms  (23-04-2016)

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    Being self employed has no impact on any payments. It is based on your taxable income i.e. the 'wage' you pay yourself.

    It has nothing to do with the profit/loss of the business

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    Thank you, I think it's based on the profit and loss, I'm not self employed. I'm a full time mum.
    I'll ask them if they get the info from the tax department or if it needs to be handed i to them direct.

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    Quote Originally Posted by twinklify View Post
    Being self employed has no impact on any payments. It is based on your taxable income i.e. the 'wage' you pay yourself.

    It has nothing to do with the profit/loss of the business
    It's not based on the wage you pay yourself. DH and I don't pay ourselves a wage, instead our income is the profit of the business split between us both as we are a partnership.

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    Quote Originally Posted by Nafsika View Post
    Thank you, I think it's based on the profit and loss, I'm not self employed. I'm a full time mum.
    I'll ask them if they get the info from the tax department or if it needs to be handed i to them direct.
    You give centrelink an estimate of your earnings expected for the next financial year (or you can amend it during the year). They will pay the FTB amount on your income estimate. Once your tax return is completed they will either pay you more FTB or send a bill if you underestimated and you wete paid too much FTB.

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    Quote Originally Posted by Nafsika View Post
    Thank you, I think it's based on the profit and loss, I'm not self employed. I'm a full time mum.
    I'll ask them if they get the info from the tax department or if it needs to be handed i to them direct.
    If it's only for family tax benefit then you income tax assessment at the end of the financial year is normally enough. If it's for parenting payment then it's normally a quarterly profit/loss statement.

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    Quote Originally Posted by amyd View Post
    It's not based on the wage you pay yourself. DH and I don't pay ourselves a wage, instead our income is the profit of the business split between us both as we are a partnership.
    I know what you're saying which is why I had written it as 'wage' (I have a mind blank and couldn't figure out the right words to use foe taxable income lol).

    It is pretty much any taxable income you receive.

    Eta. This is still a bad explanation. Sorry.
    Last edited by twinklify; 23-04-2016 at 21:33.

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    Quote Originally Posted by amyd View Post
    If it's only for family tax benefit then you income tax assessment at the end of the financial year is normally enough. If it's for parenting payment then it's normally a quarterly profit/loss statement.
    I'm talking about the whole lot.

    A friend of mine, her hubby earns less than 50 grand a year and she's been told she's entitled to nothing. So she's done nothing for the past 3 years. That's why I'm curious & confused.

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    Quote Originally Posted by twinklify View Post
    I know what you're saying which is why I had written it as 'wage' (I have a mind blank and couldn't figure out the right words to use foe taxable income lol).

    It is pretty much any taxable income you receive.

    Eta. This is still a bad explanation. Sorry.
    I know what you meant now so it must be a pretty good explanation.


 

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