Govt Paid Matt Leave V's Baby Bonus?

[Jakabella]

Thanks BG - is there anyone that I can go to that can explain it all to me (im a bit dumb!!) and we can then work out which would be better??
Would my accountant know about it?? I get very little from CL but that was becasue I had been working full time and DH is on an ok wage (well Ok by cl standards) and I was also getting AL leave paid to me so I was getting an income - but for this bub I will be getting zilch and I have no AL and it will just be DH's wage.
So maybe I woould be getting more payments from CL as I would not be earning anything then?

I dunno - its all so confusing!! All I know is I wanna another bub NOW! LOL

Kate

[briggsy's girl]

ping me on fb one day hun and i'll go through it with you if you like (i'm happy to give you my opinion on where you're at if that helps)

will you have been back working for at least 10 months (isn't that the criteria - working 10 months in the 13monts before baby arrives?)

[SuperstarMumsy]

I believe you will get more from Centrelink as if your family only has one income you can earn $150k a year before you get none, however if you are a 2 income family you can only earn $80k before you get none, but this would depend on the EDD I assume. I have looked into it but found we will not be eligible for FTB A or B based on our income and because both myself and DP will need to work in the financial year. Doesnt seem fair that 1 income family can earn more than a 2 income family. Should be at least equal in my opinion...guess you are better off if one of you earns a good wage rather than two of you on an average wage.

I am an accountant and it can still get confusing for me which is better. It really depends on your EDD, as if you are planning on having 12 months off and bub is due in say July the Paid Maternity would be your only income so you wouldnt pay much tax given the first $6,000 if income in a financial year is tax free. However if you are due in say February and you have earned say $40,000 prior to maternity leave your taxable income for the year would be around $48,000 and you would be taxed at somewhere between 20-30% (cant be bothered working it out at the moment). So you would be losing more in tax.

In my personal circumstances, I was only going to be better off by approx $1,000 which was not enough to delay our TTC for a year. Maybe even less when I consider that I will be getting no taxable income when I start maternity leave so I will have a reduced taxable income this financial year...therefore a refund of some of the tax I have paid. I actually think I will make up the shortfall (or come within a couple of hundred dollars) in additional tax refund as my baby bonus is tax free. There are so many things to consider, sorry if I am being too "accountant" - it really depends on so many factors.

Not sure if this helps though. At the end of the day the difference is a maximum of probably $2,500. So you would need to weigh up the pros and cons of what was best for your family and your personal figures.