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Child Care Subsidy Balancing


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#76 ECsMum

Posted 12 September 2019 - 01:21 PM

Yay mine now says balancing complete and how much it will be.    No mention on when it will be paid though.

#77 Magratte

Posted 21 September 2019 - 11:17 PM

Anybody still waiting?

#78 hotsonfornowhere

Posted 22 September 2019 - 05:50 AM

I am!

#79 Caitlin Happymeal

Posted 22 September 2019 - 06:26 AM

Yessss. Sigh.

#80 Daffy2016

Posted 22 September 2019 - 06:35 AM

Mine’s been done and I owe them $130. This is despite entering correct income predictions. I think there’s something screwy with how they include reportable fringe benefits - I called and asked them last year and followed their advice... and here we are.

Anyone have any suggestions?

#81 kimasa

Posted 22 September 2019 - 06:41 AM

Yep

#82 nom_de_plume

Posted 22 September 2019 - 09:05 AM

 Daffy2016, on 22 September 2019 - 06:35 AM, said:

Mine’s been done and I owe them $130. This is despite entering correct income predictions. I think there’s something screwy with how they include reportable fringe benefits - I called and asked them last year and followed their advice... and here we are.

Anyone have any suggestions?

Both DP and I work for FBT exempt employers. I was under the impression that they use a different (more favorable) gross up factor for exempt vs non-exempt employers. The usual 1.88 applies to salary sacrificed superannuation though.

Our CCS hasn’t been balanced yet though.

#83 Pearson

Posted 22 September 2019 - 09:16 AM

Still waiting

#84 Kallie88

Posted 22 September 2019 - 09:27 AM

Still waiting, they still reckon they haven't got DHs tax info. Will prob have to call soon

#85 Weavile

Posted 22 September 2019 - 10:15 AM

 Kallie88, on 22 September 2019 - 09:27 AM, said:

Still waiting, they still reckon they haven't got DHs tax info. Will prob have to call soon

This is the problem I've been having and it's still not resolved. Apparently the first person I spoke to missed some information on the ATO request and rather then contact it just gets ignored.

They advised the turn around for getting it dealt with by the ATO is around 10 business days.

#86 MrsP2014

Posted 22 September 2019 - 10:50 AM

mine still says balancing, message has changed in months despite both DH and having done our tax returns mid july.

#87 Murderino

Posted 22 September 2019 - 11:27 AM

 Daffy2016, on 22 September 2019 - 06:35 AM, said:

Mine’s been done and I owe them $130. This is despite entering correct income predictions. I think there’s something screwy with how they include reportable fringe benefits - I called and asked them last year and followed their advice... and here we are.

Anyone have any suggestions?

If it’s to do with fringe benefits it will come down to whether they’re “exempt reportable fringe benefits” or “reportable fringe benefits”. Centrelink staff should not advise you which one yours are when estimating - your employer should be able to tell you.

Whichever category they are when estimating you report the grossed up value - as I understand it this is the figure your employer would put on your income statement (was called a payment summary).

If they’re exempt then a bit over half of the value you estimate is assessed as income. Formula is:
total $ figure x (1 - applicable FBT rate).
FTB rate is currently 47%.

So if grossed up value was $10000 and you put that in the “exempt reportable fringe benefits” field when estimating then $5300 would be added to your taxable income.

If it was recorded in the “reportable fringe benefit” field then all of it is counted - $10000.

It comes down to whether you reported the correct amount that would appear on your payment summary AND/OR whether you put it in the correct field.

If you have any doubt as to whether it’s exempt then you’re better off to put it in the other category and have 100% of it counted as income - then if it’s actually exempt you’ll have overestimated.

It’s all here in the guide to the Act:
https://guides.dss.g...nce-guide/3/2/3

#88 Daffy2016

Posted 22 September 2019 - 12:10 PM

Thank you Murderino! You have just saved me a very long phone call and an agonising discussion with our finance people, who just roll their eyes at me when I ask these questions (and don’t know the answer!).

#89 crocodilessnap

Posted 22 September 2019 - 01:40 PM

Does anyone know how long it takes for the payments to be made once balancing has been completed? Mine has been done however my payment history is showing no payments due in the next month and nothing has shown up in my account and it's been sitting at this point for over 2 weeks now?

#90 Caitlin Happymeal

Posted 22 September 2019 - 01:46 PM

Hmmm. Just checked. I am entitled to the princely sum of a refund of $137. At least it's not a debt!

But to be fair, it's been a good day as I woke up to a refund from NAB for a dodgy insurance premium they sold us years ago. It was a good sum of money and has freed up funds. No complaints from me today. Thank you, royal commission.

Just so pleased our estimate wasn't under.. considering you can't go an look at your previous estimate. Maybe I should keep better records from now on 🤔

#91 hotsonfornowhere

Posted 22 September 2019 - 03:15 PM

Mine has now been completed since this morning :)

Edited by hotsonfornowhere, 22 September 2019 - 03:15 PM.


#92 theboys2

Posted 23 September 2019 - 11:55 AM

yep my tax was lodged 22 july and my payment was balanced yesterday apparently.

wondering who long it will be before it hits my account.

#93 kimasa

Posted 23 September 2019 - 06:13 PM

Woo! Completed, not in my account yet, but completed.

#94 ECsMum

Posted 23 September 2019 - 07:13 PM

I think it was in my bank account about 3 days after completion

#95 Pearson

Posted 23 September 2019 - 07:14 PM

Lodged tax 4 July. Still nothing.

#96 avocado toast

Posted 23 September 2019 - 07:20 PM

Got mine back!!

#97 Noodlez

Posted 23 September 2019 - 09:17 PM

I’m still waiting. They can’t balance my payment even though they have had all the info they need since July but they can send me a letter to tell me my subsidy has been reduced. Glad to see they have their priorities right 😡




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