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| *Ostroff, Fair and Company>>>Australia Taxes |
Whats my sons BASE year?? |
To claim the baby bonus (in Australia) I need a base year. Hes dob is 14/10/02. So is it 01 or 02???? The year the child was born or the year you became responsible for the child, adoption etc. Example Sharon and Allan had a baby, Lily, on 23 August 2003. Sharon鈥檚 taxable income for 2002鈥?3 was $52,000 (gross tax of $12,220), and her taxable income for 2003鈥?4, the year that Lily was born, was $26,000 (gross tax of $3,972). Therefore, Sharon uses 2002鈥?3 as her base year as she could get more money over five years. Sharon鈥檚 base year taxable income is $52,000. Sharon鈥檚 taxable income for 2003 will be compared to her taxable income in each claim year (until Lily turns five). If her income reduces, or is $25,000 or less in the claim year, Sharon will get a baby bonus amount. Yours sons BASE YEAR is the financial year that he was born in (2003). |
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