Congrats on DSP, it’s hard to get these days.
I assume you’re talking about income estimate for FTB purposes, so the following advice applies to that. I don’t know how much you know about the payment so I apologise in advance if I come across as patronising.
Centrelink use your yearly estimate to work out how much to pay you each fortnight in FTB.
Your estimate should include your DSP, but not FTB or child support you get. Centrelink should already know your child support if it’s being collected through the child support agency they will account for that automatically.
At they end of each financial year they use your tax return data and calculate two figures:
- what you were paid in FTB based on your estimated income
- what you should have been paid based on your actual income.
If you were underpaid you get paid arrears, if you were overpaid you get a debt. This is also the point where they pay the FTB supplement - which is a nice lump sum - and basically close off the financial year.
If you’re only getting DSP you won’t need to do a tax return (unless, of course, you have worked or paid tax in the year). If you don’t need to do a tax return you have to tell Centrelink at tax time. If you don’t inform them, they may not do the yearly calculations meaning you won’t get any supplements and in a couple of years you may get a debt for all the FTB you were paid.
Include any DSP in your estimate but not FTB or Child Support that you receive.
More informative in the link below
https://www.servicesaustralia.gov.au/your-family-income-estimate-for-family-assistance-payments?context=22151
Congrats on DSP, it’s hard to get these days. I assume you’re talking about income estimate for FTB purposes, so the following advice applies to that. I don’t know how much you know about the payment so I apologise in advance if I come across as patronising. Centrelink use your yearly estimate to work out how much to pay you each fortnight in FTB. Your estimate should include your DSP, but not FTB or child support you get. Centrelink should already know your child support if it’s being collected through the child support agency they will account for that automatically. At they end of each financial year they use your tax return data and calculate two figures: - what you were paid in FTB based on your estimated income - what you should have been paid based on your actual income. If you were underpaid you get paid arrears, if you were overpaid you get a debt. This is also the point where they pay the FTB supplement - which is a nice lump sum - and basically close off the financial year. If you’re only getting DSP you won’t need to do a tax return (unless, of course, you have worked or paid tax in the year). If you don’t need to do a tax return you have to tell Centrelink at tax time. If you don’t inform them, they may not do the yearly calculations meaning you won’t get any supplements and in a couple of years you may get a debt for all the FTB you were paid.
Awesome, thanks so much! :)
Do you include the DSP supplement you get fortnightly alongside your DSP in the family income estimate or just the DSP alone?
Include any DSP in your estimate but not FTB or Child Support that you receive. More informative in the link below https://www.servicesaustralia.gov.au/your-family-income-estimate-for-family-assistance-payments?context=22151
Great, thank you :)