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Impact of ETP on FTB?
6 replies to this topic
Posted 22 February 2012 - 07:16 PM
I'm usually up to speed on these things, but this time I'm not. DH received a lump sum Eligible Termination Payment (ETP) this financial year due to resignation and I have recently quit my job. Our taxable income this financial year, without the ETP included, sees us eligible for FTB (which would really be helpful at the moment!!), but I don't know how it is treated for FTB/Centrelink purposes. Can anyone shed any light on this, please?
Posted 22 February 2012 - 09:29 PM
Ftb is based on taxable income. ETR is usually non taxed and won't have an impact.
I had the same thing in 2009.
Posted 22 February 2012 - 10:14 PM
I think any rec leave balances that you/your husband were paid out for do count as taxable income and income for FTB purposes?
Posted 22 February 2012 - 10:21 PM
If any of it is included in your taxable income it will affect your FTB.
Posted 23 February 2012 - 02:46 PM
Thanks. Guess I'll have to find any paperwork DH got to know for sure.
Posted 23 February 2012 - 05:59 PM
I received a large payout in August and rang Family Assistance with this exact question. As far as they were concerned ALL income affected them and I am not expecting any FTB this year because of it. They told me that both the redundancy portion (not taxed) and the annual leave and long service leave portion would BOTH count as income for their purposes.
I am expecting a horror year at tax time this year
Posted 24 February 2012 - 12:46 PM
Any income, taxable or not affects FTB. I receive a non-taxable payment and still need to declare it. My FTB is adjusted accordingly.
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