thread: Parenting payment query

  1. #1
    You were RAK'ed in 2015.
    Add beansbeans! on Facebook

    May 2008
    with the fairies and butterflies
    2,535

    Parenting payment query

    So I had to give c/link a call yesterday and sort a few things out (being self employed now, Im a little cautious about doing everything right). Anyhow, the guy I was talking to suggested I apply for a parenting payment. It sounded like it was worth applying for, but there is no real way we can work out our estimate before tax time, and being a new business we don't have a benchmark to work off as we are hoping that we keep growing.
    I don't want to owe any money, but at the same time the extra bit of money would hopefully cut back on a few late fees on bills at the moment, especially with christmas coming up.
    I dunno is it worth applying for?


  2. #2
    BellyBelly Member
    Add ~clover~ on Facebook

    Sep 2007
    travelling
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    Re: Parenting payment query

    I'm not sure how it works with your own business, but with parenting payment you don't need to estimate annually. You can report your earnings every fortnight.
    Family tax benefit you estimate yearly & are paid for the year depending on that estimate.

  3. #3
    Registered User

    Dec 2006
    In my own private paradise
    15,272

    Re: Parenting payment query

    Parenting payment with a new business will require you to provide profit and loss statements every free months. Given your business has been running a few months you'd likely be asked to complete details of profit and loss for past few months and an estimate of profit and loss for next few months. I had to do it just after ds was born and it wasn't the easiest thing ever, but also wasn't hard enough for me to decide the payment wasn't worth it.

    Provided you lodge updated profit and loss details whenever you're asked to, there is little chance you would end up with any sort of overpayment

  4. #4
    You were RAK'ed in 2015.
    Add beansbeans! on Facebook

    May 2008
    with the fairies and butterflies
    2,535

    Re: Parenting payment query

    thanks girls

    That profit and loss would kinda coincide with our bas then, I think? Im still getting my head around this business stuff