A couple of positive changes coming to the Paid Parental Leave Scheme that will affect you if your child is born after 1 January 2020.Change to the gap allowed between two working daysWhen calculating if you meet the Work Test during the 13 months before your due date, you are currently allowed a gap between two work days of up to 56 days.This means that if you don’t perform any paid work for up to
YES, paid parental leave is taxable income. How much is taken out really depends on the circumstances of your leave arrangement and who is making your payments. In 2019-20, paid parental leave was $740.60 a week and paid through your normal payroll by your employer or directly through Centrelink. Paid by your employerIf this is your only income during the 18 weeks from your employer then you should get $648 a week after tax. However everyone’s
Do you ever study the letters that you get from your Superannuation fund at the end of the financial year? Or from all the many Super funds that you may have money invested with? You might just look at the total balance as it’s in big bold numbers! While it’s good to see contributions increasing your balance, there are two main items that actually reduce the balances of your fund each year – fees and
The new school year is already a few weeks old already so I thought it would be a good idea to go through some of the changes to your Child Care Subsidy that occur when transitioning from child care to full time school. You can continue to receive the Child Care Subsidy for each child up until they are 13 years old and not attending secondary school. If you have started using a before and
The minister for women, Kelly O’Dwyer has released the government’s ‘Women’s Economic Security Statement’ which includes changes to Paid Parental Leave. There are a large number of other initiatives that are designed to improve women’s financial security by focusing on workforce participation, earning potential and economic independence.The start date for these initiatives will be 1 July 2020.There is a significant focus in the Statement on helping victims of domestic violence achieve economic independence through early