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Internships 2008/09 (1 Viewer)

havy

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Re: internships 07

i am in similar situations...and i think govt allowance would stop completely if you earn more than $400 something a week and at the same time your $6000 offsets have been completely used up.
 
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havy

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Re: internships 07

btw, you've mentioned that the colonial program is 10 wks....does it hav a 2 week xmas break? in that case it will be a 8 wk program, unless you'll be paid in that break too:confused:
 

stazi

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Re: internships 07

For students and Australian Apprentices, fortnightly income between $236 and $316 reduces fortnightly allowance by 50 cents in the dollar. Income above $316 reduces payment by 60 cents in the dollar. For students and Australian Apprentices the income test is subject to income bank credit.

from what i understand, you can continue earning it when you finish work
 

stazi

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Re: internships 07

havy said:
btw, you've mentioned that the colonial program is 10 wks....does it hav a 2 week xmas break? in that case it will be a 8 wk program, unless you'll be paid in that break too:confused:
they said it was for 10 weeks

10th dec: week 1
17th: week 2
2nd: week 3
7th: week 4
14: week 5
21: week 6
28: week 7
4: week 8
11: week 9
18: week 10
25th feb: week 11

There's eleven weeks they can hold it during. I'm assuming they'd give christmas week off along with the week after, and have the program go until late feb
 

havy

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Re: internships 07

stazi said:
For students and Australian Apprentices, fortnightly income between $236 and $316 reduces fortnightly allowance by 50 cents in the dollar. Income above $316 reduces payment by 60 cents in the dollar. For students and Australian Apprentices the income test is subject to income bank credit.

from what i understand, you can continue earning it when you finish work
yeh i hope that i can still get some amt of allowance during my internship...I'll probably use up all my offsets (income bank credit?) b4 the internship finishes.
the remaining 40c in the dollar is still better than nothing...although i do remember something like earn more than $460 a fortnite = no centrelink payment :mad1:
oh yeah centrelink will start paying you again once you finish the casual work.
 
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stazi

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Re: internships 07

it might be just for that week. that would make sense, rather than terminating it forever, because youve had a good week. yay ill finally be able to pay off my $1,000 credit card debt
 

havy

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Re: internships 07

lets do a forecast:wave:

assume you earn $800 a wk during your internship, so thats $1600 per fortnight.
at the same time your income bank increases $200 per fortnight, therefore the net change to the income bank balance is $1400 debit per fortnight.
you'll start with $6000 in the beginning,
and by the end of wk2 u'll hav $4600 offsets left
between wk2 and 3 is xmas holidays - no salary and net gain of $200 offsets for the fortnite: $4800
end of wk4 $3400
end of wk6 $2000
end of wk8 $600
end of wk10, offset reduces to zero, will miss next fortnight centrelink payment if you earn more than $460

in that case you will only miss allowance for one fortnite, u'll start getting allowance again once you finish work.
 
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stazi

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Re: internships 07

well I'll be earning $780 gross per week = $1,560
income threshold: $236 per fortnight, therefore net change to income bank balance = $1324 debit/fortnight
Week 2: $4,674
Week 4: $3,348
Week 6: $2,022
*Week 7 and 8 have no pay, thus income bank balance increases to $2258. however, this probably means the program actually runs for 12 weeks in total (10 paid)*
Week 10: $932 balance remaining
Week 12: exceeds balance by $394, which means centrelink payment is 40% of what I normally get.
 

havy

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Re: internships 07

of course the schedule i did is just some amateur :D estimation, dont quote me on it
 

havy

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Re: internships 07

stazi said:
well I'll be earning $780 gross per week = $1,560
income threshold: $236 per fortnight, therefore net change to income bank balance = $1324 debit/fortnight
Week 2: $4,674
Week 4: $3,348
Week 6: $2,022
*Week 7 and 8 have no pay, thus income bank balance increases to $2258. however, this probably means the program actually runs for 12 weeks in total (10 paid)*
Week 10: $932 balance remaining
Week 12: exceeds balance by $394, which means centrelink payment is 40% of what I normally get.
overall I dont think u'll miss out on much payments anyway, maybe $200 max...which is really not a problem.
on the other hand, my offset balance is far less than $6000 at the moment...so i'll probably run out of it early and miss at least one or 2 fornite payments:mad1:
 

havy

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Re: internships 07

stazi said:
well I'll be earning $780 gross per week = $1,560
income threshold: $236 per fortnight, therefore net change to income bank balance = $1324 debit/fortnight
Week 2: $4,674
Week 4: $3,348
Week 6: $2,022
*Week 7 and 8 have no pay, thus income bank balance increases to $2258. however, this probably means the program actually runs for 12 weeks in total (10 paid)*
Week 10: $932 balance remaining
Week 12: exceeds balance by $394, which means centrelink payment is 40% of what I normally get.
i think it also depends when does your fortnite start, ie. maybe one fortnite starts one wk before your work so it includes one wk without work and one wk with work...that'll affect your offset schedule.
 

stazi

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Re: internships 07

yeah, oh wells. as long as im earning a shitload more than what im making now, im happy :p lucky that so many awesome xbox games are coming out soon
 

havy

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Re: internships 07

if your centrelink fornite starts one wk b4 your job, then you'll probably end up getting full allowance
 
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havy

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Re: internships 07

yeah, who cares if we may miss out on a few hundred bucks centrelink payments...jobs are more important!
 

stazi

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Re: internships 07

i hope i get my first commbank payment before xmas
 

havy

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Re: internships 07

stazi said:
i hope i get my first commbank payment before xmas
you should, doesnt it start on the 10th of december?
unless its paid fortnightly on the 24th, when everyone is already on holidays.
 

havy

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Re: internships 07

stazi said:
they said it was for 10 weeks

10th dec: week 1
17th: week 2
2nd: week 3
7th: week 4
14: week 5
21: week 6
28: week 7
4: week 8
11: week 9
18: week 10
25th feb: week 11

There's eleven weeks they can hold it during. I'm assuming they'd give christmas week off along with the week after, and have the program go until late feb
just took a look at it again...doesnt uni start on the 25th of feb? how are u gonna cope with working then?

ps. I have mistakenly believed that wk6 and 7 will start on 21st and 28th of December, but they are actually in January, so thats not your xmas break, the actual break is between wk2 and wk3, which starts on 22/12 and you gotta be back to work on the 2nd.
 

stazi

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Re: internships 07

havy said:
just took a look at it again...doesnt uni start on the 25th of feb? how are u gonna cope with working then?

ps. I thought wk6 and 7 starts on 21st and 28th of December, but they are actually in January, so thats not your xmas break, the actual break is between wk2 and wk3, which starts on 22/12 and you gotta be back to work on the 2nd.
2008: Lectures begin Monday 3 March

The week before that is O-Week
 

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