Providing that you dont earn over $1700 in a fortnight then you wont loose the pension altogether.
When working report fortnightly earnings to centrelink and they work out FTB A/B etc. You should look at taking out a percentage of your payments as tax as PPS is a taxable income.
CSA wont allow you to put in an estimate for increased earnings they will only take an estimate for a decrease. So you will have to wait until such time as the new financial year comes around and then they will assess you based on tax income records.
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01-01-2012 14:26 #11
Last edited by Maia; 02-01-2012 at 08:35.
01-01-2012 14:49 #12
how do you report your fn earnings? is that done in person with a form at centerlink or over the phone?
COA - ? what does that mean sorry?
I'm pretty good with my budget.. I have been saving a lot so far and am about to open a first home saver account to get my deposit together of the next 4 years for my first home (that's the goal anyway). I don't have any debt (am very lucky) but I do rent which is really bothering me.. so would like to buy in 4 years time if possible. When/if I buy.. I guess that would change everything again...
btw re 'actual' income assessment - my ex was very nervous and aggressive about me suggesting that 2 years ago when his taxable income dropped massively.. so he agreed to a signed agreement with CSA.. I'm guessing that if that came up (him wanting to do me or me wanting to do him like that) he'd jump for a signed agreement again.. which would suit me anyway. I'll probably never know how much he really earns... but wouldn't it be funny if I ended up with a debt to pay him child support back!!! I'd laugh!! I'd do what he said.. '$1 a fn because I 'couldn't afford any more'" exactly what he said to me when he owed me $900 and refused to pay back payment.
01-01-2012 14:53 #13
You can report your earnings online through online services every fn.
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02-01-2012 08:33 #14
yeah just report online. Its very quick and easy rather than phoning them.
COA - change of assessment. Im not sure how either of you would go with that if you have a signed financial agreement though? Best to talk to CSA direct about that side of things, take notes and get a receipt number so it doesnt bite you later.
02-01-2012 08:42 #15When working report fortnightly earnings to centrelink and they work out FTB A/B etc. You should look at taking out a percentage of your payments as tax as PPS is a taxable income.
FTB is worked out on you yearly taxable income. You have to give the FAO an estimate each year. Then at tax time when they have got your exact income they pay you out anything owing with the FTB supps. If you've under estimated they take money out of your FTB supps and if that is not enough you will receive a bill or they will take it out of your tax.
02-01-2012 08:46 #16
For FTB, work out roughly what your maximum weekly income may be, and times it by 52.. report this as your yearly income. It will most likely be a gross over estimate, so crntrelink will owe you money at tax time, which is always nice to receive a little lump sum!
As for reporting per fn, do it online as pp's have already said. On the weeks you don't earn so much you get more centrelink, so you will still manage your budget fine if you have previously been on centrelink alone.
As for child support, provided you are still the primary carer of your children, your income does not make a lick of difference to what you are paid in child support. CS is based on his income, what he can afford to contribute, regardless if you earn triple what be does.
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02-01-2012 08:55 #17
02-01-2012 09:07 #18
Eh, well there you go! Csa told us it didn't matter what i earnt. Not that we go through them anyway, we just do our own thing and it works for us
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02-01-2012 09:08 #19
Well it seems like its one of those things that everyone gets a different answer to , I was told by CL that I didnt have to do an estimate while ever still in receipt of PPS working or not, if however PPS is likely to cut off then an estimate is needed. OP talk to centrelink and find out what they say for yourself and take a receipt number for the call. Seems the safest bet.
02-01-2012 09:14 #20Well it seems like its one of those things that everyone gets a different answer to , I was told by CL that I didnt have to do an estimate while ever still in receipt of PPS working or not, if however PPS is likely to cut off then an estimate is needed. OP talk to centrelink and find out what they say for yourself and take a receipt number for the call. Seems the safest bet.
FTB has nothing to do with what you report fortnightly though.
The OP said she may be at risk of losing PPS due to income being too high so it would be in her best interest to give an income estimate for FTB.
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