I'm doing the budget for when I'm on maternity leave. Potentially I won't earn an income in the 2016/17 financial if I don't return to work and according to the centerlink calculators we will be entitled to some ftb.
If I return to work for part of the year I will only earn a fraction of my income for the year, but high enough to loose most benefits.
( if I return it will be mid January 2017)
So my question is, if i start the year and estimate no income, but then we realise I need to return to work do we need to pay back the $$ that have already been given?
+ Reply to Thread
Results 1 to 10 of 14
19-01-2015 20:39 #1
Centerlink ftb pay back?
19-01-2015 20:54 #2
In short, yes you will have to pay it back... at the end of the financial year they will reconcile your income and your DH's income and work out if you've been overpaid or underpaid, if its underpaid you'll get back pay and supplements if its overpaid they will take it from the supplements first, then you may end up with a debt...
19-01-2015 21:04 #3
Thanks. Just wondering where the incentive for women to return to the workforce is then, if they're going to pay back good chunk if what they earn.
Taking into account the potential 6 months of childcare ( and other work related expenses) it may not be worth me returning that financial year.
19-01-2015 21:07 #4
When I have been in these situations I still put that I will earn a small amount just incase I do return to work. So I am still getting ftb but a smaller amount and if I return to work I adjust it and dont normally end up owing any money. If I dont return to work I get paid at tax time any ftb owing to me
19-01-2015 21:47 #5
19-01-2015 21:53 #6
Why don't you elect to just receive base rate? That way you receive some payments. Go on this rate estimator and it should tell you what your entitled to.
You can also switch between zero rate and base rate at any time
19-01-2015 22:01 #7
I've gone on based on calculator and it's given me a figure. It's just a scary thought that I would potentially have to pay back 1/4 of what I earn in the 6 months working ( I'll only go back pt). That's on the before tax rate too . Plus then the extra cost of childcare and transport to work ( and obviously the tax complications)
19-01-2015 22:14 #8
19-01-2015 22:21 #9
If you plan to return to work that year factor that in when you estimate. Then you won't have to pay it back. I'm not sure of 'quarantining' but you will have to pay it back. You won't be entitled to those payments bc of such a high income in the 2nd half of the year thus you'll get a debt.
Last edited by delirium; 19-01-2015 at 22:24.
19-01-2015 22:29 #10
I'm not, but we haven't gone without me earning at all, so we may realise that we can't live and sacrifice ( like we think we can) . Budget allows it, not sure if sanity will
KindyROOKindyROO offers activities for babies & toddlers in a fun learning centre, focussing on developmental education. ...
LATESTToilet training: when is the best time to start?Why it is OK for your child to be differentWhat is a blessing way? How is it different to a baby shower?
POPULARWhen can I start giving chores to my children?New baby nursery checklist – a guide to newborn essentialsWhat to pack for labour and hospital – a checklist
FORUMS - chatting now ...
Dr Antony Lighten - Appreciation threadpregnancy and babies through IVF
Funniest thing your kid has said to youGeneral Chat
Rude 10 year old. Ideas?General Chat
Egg/donor code discussion - South AfricaEgg Donation
Happiness thread.General Chat
Awesome Mums of Autistic kids-how many of us are there (#3)????????Parents of Children with Special Needs
Support out there? ED issues, ttcMale Infertility Issues