So wondering what happens when over estimate income with centrelibk by a fair bit ?
My dp just got his group cert & we have over estimated by almost $10k lodging his group cert with accountant tomorrow to do his tax
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03-07-2013 22:31 #1
Overestimated income Centrelink ?
03-07-2013 22:32 #2Senior Member
- Join Date
- Sep 2005
It looks like you MAY have to pay some back..
03-07-2013 23:09 #3
If you overestimate- centrelink usually owes you. We overestimate about 10k each financial year. It's sort of forced savings for us, we don't notice it through the year as we budget on it not being there-then we get a lump sum at tax time.
if you underestimate you may find yourself with a tax bill.
04-07-2013 00:43 #4
No haven't gone over meaning my DP earnt less than what we had his estimate at. Was at $5# k he only earnt $4# k
04-07-2013 00:46 #5
04-07-2013 03:26 #6
If you recieve FTB a and b - yes they should. At least the withheld $1k they do to offset any overpayment will come back, then the payment rate you should have received is calculated and the difference between what u received and what you should have is paid to you.
04-07-2013 05:40 #7
You'll get a nice lump sum payment once all your tax has gone through
04-07-2013 05:54 #8
We are wondering the same thing. I overestimated DP's earnings by 8-9k.
04-07-2013 06:14 #9
Yes, you'll definitely get something more.
04-07-2013 06:23 #10
Just jumping in with a quick question (sorry OP)
I'm sure we have over estimated dfs income so that's ok.
Last night I managed to get on to online services to say I'm not lodging a tax return and for the 2012/2013 year I estimated my 'income' (ppp) to be $14,000, on their advice through the year. My 'income' was only about $6,500. Will that matter that I received way less then I estimated I would?
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