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A FTB question


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#1 ♥ Emsie ♥

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Posted 18 July 2010 - 10:10 PM

I currently receive my FTB fortnightly as that's what's best for me, but next year when I return to work, I'm thinking about getting it annually

Questions

do you receive yours yearly or fortnightly?

Why did you choose that option? What are the pros and cons of receiving it the way you do?

If you get it anually, approx how much do receive and for how many children? (please don't answer this question if you don't want to smile.gif )

I guess I'm considering it as a savings plan as such, but just doing my research smile.gif

thanks
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#2 Becca13

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Posted 18 July 2010 - 10:49 PM

I receive mine annually, as I never want to have to pay them back again.

If your salary will vary and you can afford to get it annually I would do that, only because getting a bill after tax time is very gggrrrr if you underestimate your income...



#3 Alison

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Posted 19 July 2010 - 12:52 AM

I get mine annually. My husband gets overtime so I couldn't really know for sure how much he would earn. I also work so sometimes my wages changed too. The amount you get depends on what money is coming into your household but I usually get about $5000. It will be going up a bit more now as I have 3 kids but I probably wont see the difference till next financial year as she was only born in March. I like getting the lump sum as it helps with big bills we usually get around Sept.

Hope that helps smile.gif
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#4 C-A

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Posted 19 July 2010 - 04:22 AM

I have never had it as I have always worked but my best friend over estimates her income, and then receives a smaller amount each week and then a nice lump sum at tax time.
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#5 TraceyH

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Posted 19 July 2010 - 08:43 AM

I have always gotten mine annually. My hubby earns commission so never know how to estimate his wage. I also do overtime so was in a similar position. My amount has varied each year because I have gone from 1 child to 2 children, been on maternity leave etc. Generally it is at least 3,000. I still do an estimate so I get reduced childcare fees.

I love the lump sum. I tend to put some on the mortgage and then have some aside to play for the kids activities like swimming, dancing etc.

For me if I got it fortnightly I think it would just be gobbled up in the day to day things and because I have received it fortnightly I have never missed it.
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#6 Thelma

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Posted 19 July 2010 - 08:48 AM

QUOTE(CamAli @ Jul 19 2010, 04:22 AM) View Post

I have never had it as I have always worked but my best friend over estimates her income, and then receives a smaller amount each week and then a nice lump sum at tax time.


I have a friend who underestimates their income and gets paid more than they're entitled to and then they invest the money. So even though they have to pay some back they're essentially investing what is not theirs. Bit dodgy to me and you've got to be really dedicated to not just spend it and then find the money when you've got to pay it back.

#7 Monica

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Posted 19 July 2010 - 08:58 AM

QUOTE(AliRo @ Jul 19 2010, 08:48 AM) View Post

I have a friend who underestimates their income and gets paid more than they're entitled to and then they invest the money. So even though they have to pay some back they're essentially investing what is not theirs. Bit dodgy to me and you've got to be really dedicated to not just spend it and then find the money when you've got to pay it back.


Hmm, that is quite dishonest.

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#8 Thelma

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Posted 19 July 2010 - 09:48 AM

I know, but I guess at the end of the day they still only get from the government what they're entitled to so not sure what they could get done for?

#9 sepia

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Posted 19 July 2010 - 11:23 AM

We get ours annually aswell. It's not a huge amount but it's nice to know I won't get a bill from them at tax time!
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#10 kisma

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Posted 19 July 2010 - 11:30 AM

QUOTE(Monica @ Jul 19 2010, 08:58 AM) View Post

Hmm, that is quite dishonest.

I think its morally wrong dry.gif

You could always opt to receive one or the other if you will need a little for living expenses. Say just B and get A as a lump sum.
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#11 Monica

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Posted 19 July 2010 - 11:33 AM

Totally agree Kisma

Given that I am now working and we only receive about $55 a fortnight I have opted to have it paid annually – it will be a nice little lump sum this time next year.
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#12 scasey77

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Posted 19 July 2010 - 12:08 PM

We get ours annually. DH owns his own business which runs through a trust so we don't actually know our personal incomes until after the trust return is done and distributed out to the various beneficiaries.

So because it is too hard to estimate our incomes accurately we do annual so we don't have to pay them back any money come year end.
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#13 ♥ Emsie ♥

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Posted 19 July 2010 - 12:55 PM

QUOTE(TraceyH @ Jul 19 2010, 08:43 AM) View Post


For me if I got it fortnightly I think it would just be gobbled up in the day to day things and because I have received it fortnightly I have never missed it.

This is pretty much my thought process!
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#14 ellemjaye

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Posted 19 July 2010 - 01:01 PM

I get mine fortnightly because I need it! However around April-May each year, I get it set to $0 and struggle for a few months so there's a buffer incase I have a debt to the FAO.

#15 LoveSweetpea

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Posted 19 July 2010 - 09:09 PM

QUOTE(TraceyH @ Jul 19 2010, 08:43 AM) View Post

For me if I got it fortnightly I think it would just be gobbled up in the day to day things and because I have received it fortnightly I have never missed it.


Same!!

I wasn't too up with the whole FTB stuff when I submitted mine, but I believe it's going to work in my favour!!

I over-estimated both our incomes (me mostly because I was originally going back to work in March, but as it turns out - I didn't tongue.gif ) and took the option of receiving FTB Part A at the minimum rate fortnightly and to defer Part B till the end of the year as I wasnt sure what was happening with DH and work either.

I *think* we were entitled to be getting Part B all this time too (I did a calculation the other day, based on what our actual last year's incomes were) and looks like we were entitled to almost $2000 that we never got!!!

Not sure if that's even right, as I don't really understand all this stuff, but I sure hope so!

We're not entitled to anything anymore, as DH has a new job and so he earns too much plus I'll be going back to work soon too, but if we were entitled to anything, unless it was huuuuge Struggle Street and I really needed that $$$ to buy groceries/nappies/ whatever, I'd opt to get it annually...
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