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PAP - That's how I understand it to work, it's the income in the immediate 6 months from bubs being born so that family would get it. I don't know how they can manage that though as it isn't reflected in tax returns or anything. Sounds like it is going to cost a lot more to administer than it did before and there aren't that many families that are going to miss out so overall it will cost the government more.
So if it is being paid in fortnightly installments and you are eligible for the full amount, what do you get per fortnight?
The fortnightly amount will be $384.60 and the last payment will be slightly more so that it works out to be $5,000.
I have a question:
This maternity payment is fortnightly now. So once the baby is born can you claim Parenting Payment and FTB? Or just maternity payment?
I can't see why you would lose FTB B echidna. Having it paid as a lump sum hasn't affected it in the past.
baby bonus has no impact on eligibility for other payments - it's not taxable, isn't an "income" as such - if you qualify for the other payments on their merits, you qualify - no impact from baby bonus
Hello there.
I have a related question you ladies might be able to help me with. Under "normal" circumstances DH and I earn just above the $150k limit but I am the primary bread winner by about 30%. Luckily, the company I work for will give me 12 weeks fully paid maternity leave to be taken in lump sum when I go on leave (before baby is born) So technically for the next six months or so we will be "earning" less than the $75k. Does my maternity payment from the company make me ineligible for the baby bonus?
I wish I could say we didn't need it but after IVF costs, anticipated birth costs and our giant mortgage I have to say we could really do with it. As it is, I will only be able to take off the three paid months that work pays for then baby will have to go to full time care. I know there are many in a much worse position than us and we put ourselves in this situation but just want to know if we are eligible if worse came to worse...
Thanks in advance for any info! I have searched the web and found nothing on the BB as it relates to paid maternity leave.
Lilyx
lily - i'm guessing if it's paid to you in the time after baby is born (or is to ccover that time frame) it will come into your income - that doesn't mean you'll go over - you'll just have to work out half of hubby's income for the year, and 12 weeks of yours - that is what you'd get in that time frame.... so if it's under 75k... i don't know that i can tell you exactly how it works though as i haven't been to work
i would suggest calling FAO 136150 and they'll give you specific advice
HTH
BG
Thanks Raven and Briggsy's Girl. I'm glad that the other payments aren't effected.
Ok, the maternity payment doesn't interfer with Family Tax Benefits... but what about the other way? Or did I already ask that? Haha :doh:
When they say income, is it simply the amount you earn, any fringe tax benefits, shares, dividends etc? Essentially any income that would be included in a tax assessment? And does that mean it is the amount you earn before or after tax?
Sorry, I know I'm asking nitty questions but it is just so bloomin' confusing!
I can't remember who asked about whether their maternity leave payments would count in the assessment - but yeah, they would. But ONLY the amount of money you're paid during the 6 months immediately following the birth of the baby.
Thanks BG for helping out here. I know you've been off work - you're a star for helping us work through this. What on earth are we going to do when YOU go on maternity leave?!?!?!?
MG
the only stuff that doesn't really count is ftb payments/carer ALLOWANCE
the break down is essentially
taxable income (including mat leave payments, payment from employment, share dividends, capital gains - all that stuff)
fringe benefits
net rental property loss (this is deducted from taxable income so that you don't pay tax, but has to be addd again to your overall income otherwise you're effectively getting it taken away twice)
non taxable pensions/benefits (so any tax free payments you get)
foreign income (income earned from overseas and taxed overseas)
tax free foreign income (this includes money earned by armed forces personel serving o/s but paid from within Australia if they are out of the country for less than a certain period of time)
deductible child maintenance (if you pay maintenance/cchild support for a child not living with you etc, the amount paid is deducted from your taxable income)
i think they're the ones that are on there
HTH's
BG
Ahhhh, what about payment for Army Reserves which is TAX FREE?
ummmmmmmmmmm, i don't believe it ccounts, but i honestly don't know off the top of my head - there are some interesting loopholes and rules applying to defence force and i don't have the info at hand (and haven't looked at it in literally MONTHS! lol)
Thanks BG! Sorry to be annoying - you're amazing to remember so much!