Filling out family tax benefit form

[Guest the4hopes]

Can anyone tell me what I need to fill out for the "reportable superannuation"

Is it the amount that is written on the payslip paid by the employer or is it something else. What is voluntary salary sacrificed amounts?

Thanks

Laura

[Rachiegarlo]

Lucky you filling out that 80 page form

Sorry I can't really remember what i put there, I'm going to pick up a form later so I'll have a look at it.

[lorluc]

This is a new thing brought in this financial year. It is to plug a loop hole where people salary sacrifice some of their earnings into a super.....i.e. making their 'actual' income less which means people are able to claim more family assisatance.

 

e.g....You are earning $50K a year but salary sacrifice $5K into a super fund..... your actual income is classed as $45K....But really you have earned $50K.....Up until now, you would have received family assistance payments based on an income of $45K...

 

Reportable superannuation is the contributions you have made yourself....

 

The standard amount payable by your employer is not included.

 

I clarified this myself with centrelink a few weeks ago.

 

Hope that makes sense

[Guest the4hopes]

Thanks Lorluc that answers my question.

Rachel, the form is just a few pages so it's not so bad.

[Rachiegarlo]

ah is that not the one where you claim the years worth of family tax benefit at the end of the Financial year then, I hope it is , cos it was 80 pages last year and it took a whole lunch break to fill out

[Guest the4hopes]

ah is that not the one where you claim the years worth of family tax benefit at the end of the Financial year then, I hope it is , cos it was 80 pages last year and it took a whole lunch break to fill out

It's the estimate for the next year, how do they get actual amount, is it from the tax return or is there another form!!?

[Rachiegarlo]

oh they will pay you according to your estimate and then at the end of the tax year next year after you have filed your tax return, will work out whether you have been paid too much or too little. If too much then you have to pay it back. If too little then you get a lumpsum top up. We got stung one year earning more than we usually do and so had to pay back every penny. So now i just claim it as a lump sum at the end of the financial year when they know how much we earned. To get it in a lump sum it is an 80 page workout