Tax Return - FTB Eligibility versus Spouse Tax Offset
Sep 15th 2008, 3:07 pm
#1
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Joined: Oct 2006
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Tax Return - FTB Eligibility versus Spouse Tax Offset
Hi folks,
This question is directed towards any family that arrived in the 2007/2008 tax year and who have done their tax return.
I am in the middle of my return, reasonably straight forward except for the eligibility for FTB. We arrived as PRs in October 07, have a 3 year old, and my wife looks after him full time. We are entitled to a tax offset as my spouse is a full time stay at home Mum but only if we are not entitled to FTB Part B, the eligibility for which states that we may not be entitled to the FTB if we have been absent continuously from Aus for 13 weeks or more since July 1 2004 - which we have as we only arrived in Aus in October 2007 - so does that mean we won't be entitled to FTB Part B for another 3 years (on the basis that next year it will be "13 weeks or more since July 1 2005" and so on).
Long day, any input appreciated, and yes, I know I can go to a tax accountant, but trying to cover my bases first...
Thanks,
D.
This question is directed towards any family that arrived in the 2007/2008 tax year and who have done their tax return.
I am in the middle of my return, reasonably straight forward except for the eligibility for FTB. We arrived as PRs in October 07, have a 3 year old, and my wife looks after him full time. We are entitled to a tax offset as my spouse is a full time stay at home Mum but only if we are not entitled to FTB Part B, the eligibility for which states that we may not be entitled to the FTB if we have been absent continuously from Aus for 13 weeks or more since July 1 2004 - which we have as we only arrived in Aus in October 2007 - so does that mean we won't be entitled to FTB Part B for another 3 years (on the basis that next year it will be "13 weeks or more since July 1 2005" and so on).
Long day, any input appreciated, and yes, I know I can go to a tax accountant, but trying to cover my bases first...
Thanks,
D.
Sep 16th 2008, 4:00 am
#2
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Location: Tapping (Perth)
Posts: 2,619
Re: Tax Return - FTB Eligibility versus Spouse Tax Offset
FTB Part B, the eligibility for which states that we may not be entitled to the FTB if we have been absent continuously from Aus for 13 weeks or more since July 1 2004 - which we have as we only arrived in Aus in October 2007 - so does that mean we won't be entitled to FTB Part B for another 3 years (on the basis that next year it will be "13 weeks or more since July 1 2005" and so on).
As a "newly arrived resident" you have a two-year waiting period before you can claim certain benefits. But the FTB Part B isn't one of those. In other words: You can claim FTB Part B even though you didn't arrive in Australia until October 2007 provided you meet the other conditions for FTB Part B (your income, age of your youngest child).
Go and let a tax accountant do your tax return. It'll cost you around $150 (which is a deductibe expense for next year's tax return). But it'll be worth it: your tax accountant will know all the things you may be able to claim. The tax accountant can also sort out your Centrelink benefit claims.
We just did our tax returns. Decided to use a tax accountant as it's our first tax return here. We'll be getting a refund of $2,385.
Gina
Sep 16th 2008, 4:42 am
#3
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Joined: May 2007
Location: Back in Blighty
Posts: 1,942
Re: Tax Return - FTB Eligibility versus Spouse Tax Offset
We just looked at the same thing but as we are temp visa holders can't claim the FTB anyway so we are going for the spouse offset. The FTB is worth more!
And next year we're using a different accountant - she tried to claim FTB for us even though we told here we weren't eligible and we told her about the spouse offset! I guess she doesn't deal with too many temp visa holders. On the plus side she only cost $60. You get what you pay for I guess.
And next year we're using a different accountant - she tried to claim FTB for us even though we told here we weren't eligible and we told her about the spouse offset! I guess she doesn't deal with too many temp visa holders. On the plus side she only cost $60. You get what you pay for I guess.
