The fao website says $5294
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The fao website says $5294
That's the paid parenting leave but it's taxable.:
am I reading this right - you can claim the baby bonus before the bubba is actually born??
When can I claim the Baby Bonus?
You can claim the Baby Bonus (and other payments such as Family Tax Benefit and Parental Leave Pay) up to three months before the birth of a child or an adopted child entering your care as part of the adoption process.
Your claim must be lodged no later than 52 weeks from the day after the child's birth or, in the case of adoption, no later than 52 weeks from the day after the adopted child comes into the adopting parent's care. "
has anyone done this? man it would be so much easier to do all the paper work now, rather then after bubba is born.
You can lodge the initial paperwork up to three months ahead...you still have to lodg the proof of birth paperwork with the official stamp etc from the hospital after the birth for obvious reasons...it won't be finalised until the second lot of paperwork is lodged but if you want to start the process early it can't hurt
yeh couldnt see how it would work lodging before hand, hmm let me see deal with them twice .....yeh I'll pass thanks :D
The paid maternity leave is about $10000 I think where as the baby bonus is around $5000:
BG you are always so helpful with these type of questions :)
if you already have other children you are claiming ftb for, there is no point to this for baby bonus. you still have to fill in the exact same form. if you are claiming paid parental leave, or this is your first child, the advance claim is worth doing. basically it will be processed and if there is any additional info needed, you will be sent a letter asking for it before the baby is born so you're not chasing your tail afterwards.:
yup, you will still need to lodge the proof of birth paperwork from the hospital. it's aboutt six or 10 pages. if you are already claiming ftb for another child, this is all you need to do, so the advance claim is pointless. it will still take about 3 weeks from when you lodge that paperwork. if it is a first child or you're not actively claiming ftb for other children, then yes, the pre-claim is a great idea. or if you're claiming the paid parental leave as there is a lot of extra paper work for that one (due to it being paid, in most cases, through your employer):
nawwww, glad i can help:
the PPL is about 12k i think, so a bit over the 10k mark, may even be more - but it is taxable. it increases your tax bracket in most cases, and is classed as income for ftb purposes. PLEASE, if you're going to claim, check the PPL/BBY bonus estimator on c'link/FAO websites to make sure you will be better off with PPL (i know DH and I won't be)
BBY is currently 407.23 per fortnight for 13 fortnights - i believe this comes up to the 5294 previously mentioned. this one is tax free and doesn't count as income for ftb purposes.
The PPL adds up to $10,000, so double the Baby Bonus at $5000. But you can only get one or the other. Hmmmm, pity they don't value SAHMs as much as working ones isn't it? Guess they figure we only stay at home coz our partners earn big bucks.
sorry, missed the whole page of explanations on that one !
nah, the ppl isn't as great as it's made out to be. honest! i work, and i'm better off with baby bonus! it was a step in the right direction to catch Australia up to the other countries, but a pretty pathetic and ill thought out step!
BG if I go in will they help me? Im so lost.
That's true BG!
in theory, yes, they will. in practice, i'm not sure. the staff in the offices have more of a focus on "working age" stuff (new start, youth allowance, parenting, even retirements) and not so much on FAO. if they are busy, they are going to be more focussed on getting people through and out the door (which isn't a bad thing! but it does mean if they're busy, they may not have time to speak with you at length).:
i'm not feeling fantastic today so can't do much but if you ping me on FB chat over the weekend, i'll try and help. i can type heaps here, but it's better if i answer your questions directly. i won't tell you which way to go (even at work, we can't do that lol), but i'll clarify any questions you have kwim?
Awesome thanks BG
Hi, coming in a little late but have been reading all the responses and wanted to subscribe to this thread.
UsPlus2 - I have already filled in the paper work for my ppl online and received confirmation from centrelink. My bub is due early feb and once they are born i just have to register bubs birth. I chose to get fto to pay me as i work for small business and thought it was kinda unfair that they have to go to the trouble of paying me when i could be paid by the government, even though it is fortnightly not weekly like i'm used to.
BG - i did the ppl calculator and would be around 2k better off. I don't really understand why the baby bonus wouldn't benefit those who qualify more then the BB. Is it because in some cases it increases your tax bracket and you end up losing your ftb? I earn slighly less then the ppl but after making my adjustments my cc fees only went up $1.50 and my ftb didn't change as i only get $50 a fortnight anyway. So does it also depend on what time of the year you have you baby as to how it will affect you? for us not much will change but i guess if you earn quite a bit less then ppl you would lose your ftb and therefore be worse off, is that kinda how it goes?
ETA - i will be working less hrs next FY but will my measly $50 a fortnight go up with a second child?
Thanks for your help.
depends on EDD, leave entitlements from your employer (if you have any), whether your partner qualifies for ftbb (cos even if your partner has zero income and SHOULD get 130 per fn of ftbb, if you get PPL, ftbb stops for those 18 weeks), and yes, your tax brackets can make a huge difference. i think for us, because DH is the SAHP, even though i'd qualify for PPL based on the hours and stuff, once we take into account the higher income for ftba (which impacts your entire financial year), the higher annual tax amount, the fact we'd lose ftbb for that 18 week period, we'd still end up about 2k, cash in hand, better off:
oh, and once you add a second kidlet, you'll probably double that ftba amount each fortnight cos you'll be getting paid for two kids instead of one
So far not one of my g/f, or work mates are better off with PPL.
By the time you pay tax, lose FTBb, CCB goes down, and that $10,000 gets added to your tax bracket, not to mention the medicare levy you might have to pay too, none of us were better off.
We are much better to get $5,000 tax free and keep all the FTB and CCB rates. And I can go back to work (from home) AND keep my money!!
I *think* PPL works out better if you earn close to, or more, than the $10,000 in your normal wage (beforetax) in 18 wks?
So basically only if u are going to earn too much for BB or any other entitlements PPL sucks good job they brought it in * insert sarcastic tone*
Thats what I've found so far...No doubt there are exceptions, but my case is simular to BG, I'd be much worse off taking the PPL, even though we both work.... and since I work from home, if I went back before the 18 wks, the payment stops, but I can easily do my job and still be at home!
Also adding the $10,000 to our yearly tax makes a massive difference to us. We'd lose a lot of payments, and be pushed to the next bracket.
If I would normlly earn around that amount, none of the payments would change, and I'd still get $10,000, so its good for some.