You are receiving family tax benefits, below are some helpful tips to stop you from owing Centrelink at the end of the year.
As we all know, Centrelink asks for a estimate of your years income so they can pay the FTB.
- Tip 1, Overestimate your income and any adjustments will be in your favour.
Your child is a dependant if their income is less than $12,287(2009). But if your child finishes school in December and starts work and earns more that $12,287, then you will need to pay back what you received while they are at school.
- Tip 2, Stop payments at the start of the financial and if the child hasn’t earnt enough, the adjustment will be in you favour.
If you think your family income may come close to the cut off thresholds, or exceed the threshold.
- Tip 3, Don’t claim any FTB at all during the year, wait till you have completed the relevant tax returns. At that point you will know exactly what you income is and whether you are eligible.
Please add you experience/tips in regards to claiming Family Tax Benefit.