Hi,
I currently get fortnightly payments from Centrelink for independent youth allowance and rent assistance. However, my payment has recently increased because of parental income, as has the income I get from my job. I claim the tax-free threshold at work and make over the "allowed" fortnightly income before Centrelink deducts money from my payment. However, I requested my payments weren't taxed when I started my payment because I was on dependent rates and not earning much income from my job at the time.
If I continue not to have tax deducted from my Centrelink payment whilst claiming the tax-free threshold at work, I feel I will have to pay thousands in tax at the end of the year. What is the best course of action? Should I pay tax on my Youth Allowance, stop claiming the tax-free threshold at work, both, or neither? I can afford to do any of the above, but I don't think I could pay a lump sum at the end of the year... Any help is greatly appreciated.
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