Baby Bonus Australia 2009 with Family Income Test
Currently Australian baby bonus payment is not income tested. But Starting From 1 January 2009 a family income test will apply to the Baby Bonus.
For children who are born or who enter care on or after 1 January 2009, the income test will limit eligibility to families with an Adjusted Taxable Income of $75,000 or less in the six months following the birth or entry into care of the child.
If you receive the following types of income in the six-month period following the birth of the child or the child’s entry into care, you will need to include this income in your estimate of income for that period:
- Taxable income - this is your gross income minus allowable deductions and
- The value of net rental property losses or gain and
- Employer provided or reportable fringe benefits and
- The value of any tax free pensions or benefits and
- Any foreign income
- The full amount of any child support you and/or your partner pay. (Read the article)
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