centrelink ?

[Emo21]

just wondering we are entitled to FTB A and B. i have always put in a lower estimate of income with centrelink to allow for end of year deductions to my income. and depending on my tax return they adjust accordingly. now the last couple of years i have put in my estimated taxable income less my deductions and property losses which is fine and i did the same this year except it now look like centrelink have based it on my income before deductions and losses.

I thought it was taxable income or has it changed.



thanks

Eamon

 

[matto_]

from memory - it talks about "assessable income".

I cant remember whether this is after deductions or before (I have a feeling it is before).

 

[rugrat]

For family tax benefit, I have alway found it best to 'overestimate' your income. Assessable income isn't always the same as net income, and property losses are added back onto your income for the purposes of family tax benefit. It is much easier to just estimate with your gross income amount (including your gross rental income) and get a little extra back at the end of the financial year.

 

[rugrat]

BTW your your gross income is the taxable income - the deductions don't come into that art of the equation, they come in later.

 

[Emo21]

well it looks like they have taken my income as salary less deductions and rent loss so thats the taxable income and they have added back rental loss as accessible income.

now the thing is they have done this for this year 2011/12 and 2009/10
but not for year 2010/11

so which is right

 

[HotRod]

well it looks like they have taken my income as salary less deductions and rent loss so thats the taxable income and they have added back rental loss as accessible income.

now the thing is they have done this for this year 2011/12 and 2009/10
but not for year 2010/11

so which is right

Adding back investment losses to your taxable income is correct.