I'm not going to be working next financial year, I'll be on PPS, and FTB. And get child support.
Which of this is included in my estimate? I haven't been taxed on any of the above payments so surely they're not taxable income?
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01-04-2013 11:47 #1
Centrelink Income Estimate
01-04-2013 12:42 #2
Your pps should be taxed as its classes As income. They should've ask if you wanted tax to come out
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01-04-2013 12:48 #3
Yes PPS can be taxed as its classed as income but it generally ends up being below the threshold so any tax you pay on it you get back when you lodge a tax return.
I choose to pay tax out of mine so that I know I won't somehow end up with a tax bill at the end of the financial year.
Child support and FTB isn't classed as taxable income.
01-04-2013 15:58 #4
Would it say on the payment details (where it says $xxx - Parenting payment, $xxx Telephone allowance, $xxx Clean Energy Supplement, etc) the tax coming out? I've never been charged tax before, and still got a payment at Tax time last year - I also don't think (or know if) I declared the pension as income last year...
01-04-2013 16:05 #5
If you're on PPS or SPP you have to elect to have tax taken out. So it only appears on your payment advice if you elect to have tax taken out. Mine says SPP, FTB, FTA, and then - tax (20$). So if its not on your report, it's not happening. The first year I was on SPP I wasn't paying tax, and I freaked out thinking I would have a bill. My low income offset everything and I owed nothing to the govt. you'll be ok, but. Think you should do a fortnightly tax deduction, simply to cover your butt and its nice to get that money back at tax time
01-04-2013 16:23 #6
01-04-2013 17:25 #7Senior Member
- Join Date
- Jan 2008
If you're on PPS, you don't need to estimate your annual income to receive FTB.
The reason being is that PPS doesn't effect how much FTB you get, FTB is only effected by any child support over the Maintenance free area.
01-04-2013 20:43 #8
So, if I'm solely on PPS, FTB & CS, I'm not working at all (when I was working I had to report so didn't have to update my estimated income for the financial year), do I still need to do an income estimate? Or will it be an automatic thing then considering that's my only form of income?
02-04-2013 10:16 #9Senior Member
- Join Date
- Jan 2008
02-04-2013 12:03 #10
Ok awesome thank you!!!
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