I know this comes in on 1 Jan 2011, but I assume it only applies to babies born on or after that date? Is this correct?
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I know this comes in on 1 Jan 2011, but I assume it only applies to babies born on or after that date? Is this correct?
i believe so. i think they are still in talks over it tho. apparantly there are a few issues that are coming up that they didnt think of before or didnt realise.
Thanks - I just saw on the FA website that it is taxed, where as the baby bonus is tax free. So $9000 odd taxed, or $5000 tax free - I know what I would rarher take!
do you get mat leave through your work?
it should be tax free!
This is from FA's website
Underlining is mine. So Paid Parental Leave is taxed. Not good!:
Facts you need to know about how Paid Parental Leave affects other family assistance
Paid Parental Leave will provide the equivalent of the National Minimum Wage, $543.78 a week, for 18 weeks while Baby Bonus is $5,185 paid over 26 weeks.2
Families receiving Parental Leave pay will not receive the Baby Bonus. For multiple births, the Baby Bonus may be paid for a second child or for additional children.
Parental Leave pay will be taxable income and will affect entitlement to Family Tax Benefit.
You will be able to get Family Tax Benefit Part A at the same time as you get Parental Leave pay. The amount you will be paid will depend on the income of both you and your partner. Your Parental Leave pay will count as income you have received.
You will not be able to get Family Tax Benefit Part B at the same time as you get Parental Leave pay. You may get Family Tax Benefit Part B at other times of the year when you are not getting Parental Leave pay. The amount you will be paid will depend on your income and your Parental Leave pay will count as income you have received.
Parental Leave pay will not be treated as income for Parenting Payments (partnered or single), or other income support payments, such as the Disability Support Pension and Newstart Allowance.
No, Kazbah, I don't get paid leave thru my job :(
Reason I'm asking is that one thing I do like about the new scheme is that if you really wanted to, you could go back to work after, say, 8 weeks, and your husband could continue the claim for the next 10 weeks.
As the national minimum wage however, if you're not earning too much before you start mat leave, then you should get the min tax level.
Yes - for babies born after 01/01/11 - but claims can be lodged from October of this year. For the initial 6 month period, claims will be lodged via Centrelink/Family Assistance office, then employers will be required to lodge the claim on behalf of the employee.:
I honestly think the system is massively flawed and all the labour government have done is twisted things around to make mums think they are getting a better deal by having Paid maternity leave when really they were better off getting the baby bonus and FTB.
Its just going to be money back in Krudd's pocket when it comes to tax time.
I am happy to get the baby bonus, although I prefered a lump sum so we could put it into savings in one go. This new system seems unfair the tax will just make it confusing.
Its funny how working mothers are shafted again. Krudd makes me sick. Why should we continue being taxed when we will end up going back to work, unlike some (my family is full of these) who keep having children just for the money. While the gov keeps paying, theyll keep poppin! As an example, my aunty is up to baby #8 has never worked a day in her life and does not plan to, her partner is also on the dole and has approx 12 children, 5 of those are to my aunt. He also has no intention of ever working. Yet the tax dollars continue to support them and their children while working families struggle financially to have maternity leave. The gov has it all wrong. Once again .:
I was once a singe mum and when dd was born we got 800. Not like today, i had just turned 18 but unlike some, i worked until i could to ensure i had some money put away for my time off. I had actually gone into labour at work lol
This time around i think dp and i are going to take the 5k, we are not entitled to ftb as we earn over the threshold. This time around tho, we have a mortgage 2cars to maintain as well as everyday living so 5k will help us a
Rant over
Is anyone here not entitled to the baby bonus but having a baby this year, so will also miss out on the Paid Parental Leave scheme?
I'm a journalist at Lateline and am doing a story on the mums that fall between the 2, but who are also under financial pressure of being on one income.