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Reconciliation special adjustment - Centrelink?
Answered 4 years ago
Hi, I just had several thousand dollars hit my account from centrelink and it's titled with this. Does anyone know what it's from? 🤷♀️ it's not a debt refund, that much I know for certain. Is it like end of year balancing or some thing? I think I could possibly die waiting on the phone.
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ANSWER
4 years ago
I wouldnt be saying anything to my partner. Squirrel it away, hide it away, for a rainy day.
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REPLY
4 years ago
That's awful you'd have to do that.. my husband could care less that I have it or what I use it for.
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4 years ago
My partner would expect to go directly to the motorbike store!!!
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4 years ago
I would never hide this from my partner. He’d probably encourage me to spoil myself with a nice purchase.
ANSWER
4 years ago
Thanks everyone for answering and being nice also, I know centrelink questions are annoying but man it's so hard to reach them! I did get a letter to say it was FTB balancing, which is strange because I'd already had a letter to say they balanced at $0.00.
I way overestimated.
I way overestimated.
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REPLY
4 years ago
A lot of people do overestimate purely to get that lump sum. It's a beautiful little bonus for many
ANSWER
4 years ago
I get a reconciliation payment every year at tax time. Still no idea what it all means, but apparently I’m entitled to it so definitely won’t be questioning it lol enjoy!
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REPLY
4 years ago
it's the difference between what you have received and what you should have received ftb. If you were underpaid, you get the difference. If you got paid too much, you'll have a debt
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4 years ago
Cheers! Thanks for explaining
REPLY
4 years ago
👍
ANSWER
4 years ago
If you have the app you can see what it is
ANSWER
4 years ago
You should get a letter in you myGov inbox sometime in the next week to explain it. It usually means you’ve over estimated yours/your partners income and that’s the balance from underpaying your ftb.
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4 years ago
That's right. If you overestimate your/your partner's taxable income for ftb for the year than Centrelink adjusts and repays the differences after you both lodge your tax returns. If you underestimate you instead get a bill at this time of year. The online letter for us arrived about 3 days after the payment.