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I’m wondering if a TPD payout that has a Taxable Component…

Customer Question
Hi I’m wondering if...

Hi I’m wondering if a TPD payout that has a Taxable Component to it will affect my Child Support I get from my ex

Lawyer's Assistant: Because family law varies from place to place, can you tell me what state this is in?

Victoria

Lawyer's Assistant: Has anything been filed or reported?

No I have to do a tax return because $20,000 tax is withheld due to the taxable component

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

Most of this payout has gone on fixing my house. So I’m wondering if I’ll end up receiving nothing from my ex and he’ll be laughing all the way to the bank while I struggle

Submitted: 4 months ago.Category: Australia Law
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Answered in 5 minutes by:
3/13/2018
Solicitor: Leon, Solicitor replied 4 months ago
Leon
Leon, Solicitor
Category: Australia Law
Satisfied Customers: 46,702
Experience: BEc Dip Ed, Dip Law (SAB) MTax (UNSW)
Verified

Hi, I am Leon, a NSW Solicitor. I am reviewing your question and will reply again in a moment.

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Solicitor: Leon, Solicitor replied 4 months ago

Good Evening

You receive child support?

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Customer reply replied 4 months ago
I’d rather just messaging here if that’s ok
Customer reply replied 4 months ago
Hello
Solicitor: Leon, Solicitor replied 4 months ago

Good Evening

Ok Your child support payments may be affected but only on the income proportion.

They work out different calculations based on when you receive it as it forms your yearly income.

Here is some information

Extract from part way through 2.5.1 of the CS Guide March 2017 edition.

Under the heading

"Income estimate for part of a year of income

If a parent has not made an estimate for the year of income and wishes to estimate their income during the financial year, after the first day of the financial year, they can make an income estimate for part of the year. If the parent has already made an income estimate election for the year of income, and wishes to make another estimate due to a change in their circumstances, they must make a later income estimate. The information in this section relates to the first estimate for a year of income which is for part of the year of income.

The parent must inform the Registrar of their estimated income for each income component amount for the remaining period (CSA Act section 60(3)(a)). The remaining period is from the start date of the income estimate election to the end of the year of income (CSA Act section 60(4)).

The total of the parent's income component amounts for the remaining period is their partial year income amount (section 60(4)). They must also inform the Registrar of their year to date income, that is, the total of the income component amounts they have received from the beginning of the year of income to the day before the start day of the income estimate election (CSA Act section 60(3)(b)).

In order to calculate the amount to be used in the assessment, the partial year income amount must be divided by the number of days in the remaining period, to identify a daily income amount. That daily income amount is then multiplied by 365 to identify the annualised income which is the amount the parent is required to provide as their income estimate election (sections 60(3)(a) and 60(4)).

Example: F has estimated their partial year income amount for the period 1 November 2010 to 30 June 2011 to be $26,500.

There are 242 days in the remaining period. The daily rate is $26,500 ÷ 242 =$109.50413.
The daily amount is multiplied by 365 to identify the annualised amount: $109.50413 × 365 = $39,969, which is the amount of the income estimate election.

The annualised partial year income amount is the amount which will be used as the parent's adjusted taxable income when the assessment is amended using the estimated income (CSA Act section 61)."

SO you have to try and receive it at the beginning of the financial year and it is better for you.

The date it hits your account is the date they assess you.

After 12 months you then seek to have the child support re-assessed

If you wish to have a phone call to discuss this in more detail please elect a call or I can send you a request.

I hope this makes sense and is of assistance. If you have found my answer to be helpful, please rate me five stars so I can get paid for my services to you. You rating my work 5 stars allows me to continue to provide a service to those who require it.

I am happy for you to ask further questions on anything you wish more detail on.

Let me know if I have answered your question today.

Regards

Leon

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The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

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