Parental Leave Payments & Tax Return

[sashatheman]

My wife received parental leave & Family Tax Benefit A payments this year. Does anyone know how to account for this when doing a tax return?

I heard that Centrelink doesn't issue a statement any more. When I pre-filled information on e-tax I didn't get any information about these payments we received.

Any suggestions?

 

[rowena]

Hi There,


Was the paid parental leave paid through your wifes employer?
From what i was told, wife lodges form to work, work then lodges that to centrelink. Centrelink pays work the benefit, then work will pay the benefit to wife each fortnight. I went baby bonus because it isnt taxable and none of this mucking around and waiting for the benefit to be paid. Anyhow wifes employer will take out tax, and it is all classified as the one income on the one certificate. (this is my understanding on how it works)

However there are some cases where centrelink will pay you direct for PPL s


Family tax benefit A and B will be reconciled with centrelink once your final taxable income is known. This is done automatically, so once you lodge your tax return, your information is sent from ATO over to centrelink. You will need both your wifes and your tax done in order to have centrelink to do the final reconcillation for the year. So yes you can receive FTB A and FTB B during the year, or you can choose to have FTB A paid at end of year.. but it depends on what your income estimates where. It is always better to overestimate then underestimate with centrelink!

 

[Paul@PFI]

Centrelink

Your "prefill" details will be available through e-tax, you may have been too hasty to get your return done. It just takes time for it to be reported. The paid parent leave is assessable and is paid and reported by CENTRELINK not the employer. You can request a PAYG Summary if you call them - or online but goodluck with that. They now dont automatically issue them due to prefilling and sharing data with ATO.

On FTB.... changes over the past few years mean you only have 12 months to claim FTB if you do it at the end of the year. The old claim iton your tax return method stopped a few years back. What you need to do is lodge tax then wait a few weeks then apply through centrelink. Unsed to be a two year period. It was changed cause too many peeps were no lodging returns on time. Now if you lodge late its fatal to FTB.

Paul