My 11-12 income is $9k more than what CS has been calculated at. FOB and I have a private agreement in which he just paid what our first ever assessment was and we've left it at that (the letter I got the start of this financial year did have an increase in estimate but neither of us bothered discussing) will a $9k difference mean we will get a letter saying I owe him a certain amount or will they take it out of the tax return I just lodged?
Of course I will cop the payback on the chin, no complaints there, Just preparing myself.
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04-03-2013 21:47 #1
I have earnt more than my CS assessment
04-03-2013 21:53 #2
Interesting. Is what you earned still below the self support amount?
I was told by CSA that if XH earned more than he had estimated to them then he would have a debt to repay but if he earned less than he estimated and therefore had paid more throughout the year then nothing would happen, I wouldn't have to pay him back and there wouldn't be a credit on the account.
This is a little different though in that its your income that is different. Have you had a look on the CSA site ?
04-03-2013 22:27 #3
The estimate amout they worked of is about 1.5k more than my 2010 income. I am so sure that I would have rung to up my estimate because I always make sure I'm over. Plus I changed jobs and knew I would be earning more so would have notified them of that.
I always thought I was careful to over estimate.... Obviously not.
The only thing I could find on the CSA website in my phone was this :
A person will be required to pay an estimate penalty when the Registrar reconciles their estimate and their actual income for a year of income less any applicable year to date income amount is 110%, or more, of their estimated ATI for the year (section 64AF).
The penalty is 10% of the difference between the liability that would have applied if the original estimate or estimates was used to calculate the assessment, and the assessment(s) amended under section 64AA following reconciliation (section 64AG(1)). An estimate penalty is a debt due to the Commonwealth (section 64AG(2)).
26-03-2013 14:00 #4
Just thought i would come in and say that all that happened was my CS assessment decreased $10 per week than what our existing assessment was... which is still more than he currently pays me anyway so I wont have anything to pay back
26-03-2013 16:48 #5
Good to hear
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