i have to estimate income for dh and i for 2011-2012 year.
i plan to continue working part-time til mid dec 2011 with bub due jan 2012.
if i am going to apply for paid parental leave, should i include this in my estimate of income for the 2011-2012 year?
if i am going to apply for baby bonus, should i include this in my estimate of income for the 2011-2012 year?
thanks
I thought with baby bonus it worked on projected income from the birth of the baby. It's 75K from the baby's birth date. So whilst you might have to include it as an estimate for some random centrelink purpose, it doesn't actually count towards your eligibility.
Sorry, should of said i have to estimate my income for family assistance (FTA FTB) for the 2011-2012 year. Not estimating income to determine eligibility for baby bonus/parental leave.
Would my estimate for FTA/FTB this year be my wage July - Dec. or is it my wage July - Dec + paid parental leave from Jan. ?
Good question! I have no idea - let's see what wiser minds think.
if you're going to have paid parental leave, it is a taxable income and you need to include it now or you risk an overpayment for FTB
if you're going to claim baby bonus, it is non taxable and does not need to appear on your income estimate at any time
thanks! now i just have to work out which one i will apply for, and then what my estimate will be.