Australian Gastric Sleeve Support Forum
 
HomeRegisterLog in

Share
 

 Slugged extra Chlid Support for accessing husbands Super?

Go down 
AuthorMessage
Carrie
Top Poster
Top Poster
Carrie

Female
Number of posts : 2601
Age : 59
Location : Sydney NSW
Registration date : 2009-09-17

Slugged extra Chlid Support for accessing husbands Super? Empty
PostSubject: Re: Slugged extra Chlid Support for accessing husbands Super?   Slugged extra Chlid Support for accessing husbands Super? EmptySun 28 Nov 2010, 11:08 pm

kmsbj wrote:
...The money you access from super is classified as taxable income and you do recieve a group certificate for tax purposes, or at least i did...

I did too, the Super funds (I used 2) sent me tax notices when they issued the cheques. Then, I completely forgot about them when I took everything to my acct to do my tax. Luckily the tax dept had sent my accountant notification of the tax paid on my behalf by the super funds so I was able to claim it back.

- Carrie :-)
Back to top Go down
kmsbj
Newbie
kmsbj

Female
Number of posts : 100
Location : Country NSW
Registration date : 2010-05-11

Slugged extra Chlid Support for accessing husbands Super? Empty
PostSubject: Re: Slugged extra Chlid Support for accessing husbands Super?   Slugged extra Chlid Support for accessing husbands Super? EmptySun 28 Nov 2010, 9:58 pm

darrenpincini wrote:
csa is assesed on taxable income, the money you recieve from your super is not taxable income and you will not recieve a group certificate for it so will not be used as part of your CSA assesment

I am afraid i will have to disagree with this comment from Darren...
The money you access from super is classified as taxable income and you do recieve a group certificate for tax purposes, or at least i did...
In my case i was unaware that this was the case and ended up losing my $900 per fortnight from centerlink for a full 6 months as accessing my super more than doubled my income estimate.
In hindsight i am glad i wasnt aware of this pre-sleeve as to be honest had i have known i would be cut that money for 6 months i probably wouldn't have done it but as it came as a shock we did what we could to get by and with the start of the new financial year things returned to normal.... we survived.
As for CSA i dont pay it but i do recieve it and it did affect the amount i was to receive also... basically let him off the hook for 6 months. Which for me meant even less money again... but all totally worth it in the end :
)
Back to top Go down
Lillipilli
Newbie


Female
Number of posts : 29
Location : Canberra
Registration date : 2010-11-18

Slugged extra Chlid Support for accessing husbands Super? Empty
PostSubject: Re: Slugged extra Chlid Support for accessing husbands Super?   Slugged extra Chlid Support for accessing husbands Super? EmptyWed 24 Nov 2010, 12:14 pm

Thanks for that Smurfy! You really know your stuff.

I was given this information today by the CSA, but will double cherk tomorrow to be sure.

By the way, well done on losing weight before your surgery.
Back to top Go down
Smurfette
Top Poster
Top Poster
Smurfette

Female
Number of posts : 1272
Location : Western Australia
Registration date : 2010-08-15

Slugged extra Chlid Support for accessing husbands Super? Empty
PostSubject: Re: Slugged extra Chlid Support for accessing husbands Super?   Slugged extra Chlid Support for accessing husbands Super? EmptyWed 24 Nov 2010, 9:06 am

Lili; phone your Super Fund & the Child Support Agency to ensure you are correctly adviced. (Do not let the following confuse you)

I hate to disagree with you Darren; though my own opinion, though not being a Legal Advisor; the best of my knowledge can be supported from the recent changes to superannuation and payments; the best source in any one case is to ask your superannuation fund about the taxable component of superannuation drawn (everyone may be different); it is better to be forewarned than slugged with tax when you least expect it. The following extraction is from this website for Australian residents (SOURCE: http://simplersuper.treasury.gov.au/documents/decision/html/final_decision-01.asp) There is more on the ATO website.

There is however the RBL; if not surpassed may / may not be Tax Free.

EXTRACTION: (for Australian Residents)
"From June 2007; to the ATO for RBL (Reasonable Benefit Limits) purposes.
Rules for benefits paid to individuals aged under 60 years
Lump sums
Lump sums will have two components — an exempt component and a taxable component (there are different rules for payments from an untaxed source).
• The exempt component will be tax free. The exempt component will comprise: the pre-July 1983 component, the CGT exempt component, the post-June 1994 invalidity component, the concessional component and undeducted contributions.
• The taxed component (the current post-June 1983 component and the non-qualifying component) will be tax free up to the low-rate threshold and taxed at a maximum rate of 15 per cent above the threshold. For those aged under 55, this component will be taxed at a maximum rate of 20 per cent. This is the same treatment as currently applies to the post-June 1983 component.
o The low rate threshold will be set at $140,000 on 1 July 2007 and indexed to Average Weekly Ordinary Times Earnings (AWOTE) in $5,000 amounts.
Pensions
Pension payments for individuals aged under 60 will continue to be taxed under current arrangements, although consistent with the simplification of taxation of lump sum payments, tax will be lower in some cases.
Pensions commenced on or after 1 July 2007, which would currently qualify for a pre-July 1983 component will have this included in the exempt component of the pension. The current arrangements for calculating the deductible amount of a pension will remain for pensions that commenced prior to 1 July 2007.
The full superannuation pension rebate of 15 per cent will apply to all pensions paid from a taxed fund if the individual is aged 55 to 59 years.
Once the pension recipient turns 60, their pension will be tax free.
Reporting —arrangements
Individuals aged under 60 will still be required to report details of lump sums and pensions in their tax return.
Benefit payments made after 30 June 2007 will no longer be reported to the ATO by superannuation funds for RBL purposes.
Proportional drawdown of benefits
From 1 July 2007, when any part payment of a superannuation benefit is made, the benefits will be considered to include both exempt and taxable components with the relevant portions of each reflecting the proportions such components make up of the total benefit. This will apply to both lump sums and pensions. This will support the plan’s objectives to encourage higher participation in the workforce. Existing pensioners will retain the current ‘deductible amount’ on their pension until they reach age 60 when benefits become tax free in any case.
Invalidity payments
Many submissions sought clarification of the treatment of invalidity benefits under the plan. It is not intended to change the current treatment of these benefits.
Benefits which are paid on the permanent disablement of the member will be eligible for a ‘post-June 94 invalidity component’ on the part of the benefit taken as a lump sum or a 15 per cent pension offset if taken as a pension. Once the person is aged 60 or above these benefits will be tax free.
The Government will extend eligibility for a ‘post-June 94 invalidity component’ to the self-employed from 1 July 2007.
Benefits which are paid on the temporary disablement of the member (such as salary continuance benefits) are regarded as ‘replacement of income’ benefits rather than ‘retirement income’ benefits. Therefore, these benefits will continue to be treated as income of the member regardless of their age. Funds will continue to provide relevant information to the member to include these benefits in their tax returns."
Back to top Go down
Lillipilli
Newbie


Female
Number of posts : 29
Location : Canberra
Registration date : 2010-11-18

Slugged extra Chlid Support for accessing husbands Super? Empty
PostSubject: Re: Slugged extra Chlid Support for accessing husbands Super?   Slugged extra Chlid Support for accessing husbands Super? EmptyWed 24 Nov 2010, 8:17 am

I rang them today, and they told me that you do have to pay Child Support if you take out say $5000 as that would be less than 15% of your income.
Back to top Go down
darrenpincini
Newbie
darrenpincini

Male
Number of posts : 72
Age : 55
Location : australia
Registration date : 2010-07-23

Slugged extra Chlid Support for accessing husbands Super? Empty
PostSubject: Re: Slugged extra Chlid Support for accessing husbands Super?   Slugged extra Chlid Support for accessing husbands Super? EmptyWed 24 Nov 2010, 8:01 am

csa is assesed on taxable income, the money you recieve from your super is not taxable income and you will not recieve a group certificate for it so will not be used as part of your CSA assesment
Back to top Go down
Lillipilli
Newbie


Female
Number of posts : 29
Location : Canberra
Registration date : 2010-11-18

Slugged extra Chlid Support for accessing husbands Super? Empty
PostSubject: Re: Slugged extra Chlid Support for accessing husbands Super?   Slugged extra Chlid Support for accessing husbands Super? EmptyWed 24 Nov 2010, 7:45 am

WOOHOOO! It turns out that you can get a new estimate done by ringing Child Support and explaining that that extra money was super accessed for surgery and wasn't actually income.

As long as the difference between your income with the super added on for the financial year and your actual income is less is more than 15% you can get the new estimate.

Now, my next problem is that the Dr is going on holiday for all of January, which is when I was hoping to have it done, and no doubt he's got people booked in for Feb already.
I don't even know if I can get an initial assessment done as, they're apparantly booked out for them for December also. I hope I can get my forms filled in soon to at least get the ball rolling.
Back to top Go down
Lillipilli
Newbie


Female
Number of posts : 29
Location : Canberra
Registration date : 2010-11-18

Slugged extra Chlid Support for accessing husbands Super? Empty
PostSubject: Re: Slugged extra Chlid Support for accessing husbands Super?   Slugged extra Chlid Support for accessing husbands Super? EmptySat 20 Nov 2010, 9:19 pm

Thanks Smurfy!
Back to top Go down
Smurfette
Top Poster
Top Poster
Smurfette

Female
Number of posts : 1272
Location : Western Australia
Registration date : 2010-08-15

Slugged extra Chlid Support for accessing husbands Super? Empty
PostSubject: Re: Slugged extra Chlid Support for accessing husbands Super?   Slugged extra Chlid Support for accessing husbands Super? EmptySat 20 Nov 2010, 10:29 am

Sounds a bit rich & unfair really; but oh so true! I was on Sickness Benefits a lot of years ago from Centrelink; and required an operation; so I could get back into the work force. When inquiring about accessing my funds from super; they said did I realise that once I received them it was classified as income and I would loose the sickness benefits for about three months; plus I would be taxed on the % drawdown that wasn't personal contributions. Slugged from all sides; so I elected to go through the public health system; a two and half year wait. Child support of course would be taken from that payment also; (Centrelink takes any Income into account even if it is not Taxable) so from all sides take, take, take. Hopefully, you will get passed all this and have the op in not so long future, once you are past it all it will be great.
Back to top Go down
Lillipilli
Newbie


Female
Number of posts : 29
Location : Canberra
Registration date : 2010-11-18

Slugged extra Chlid Support for accessing husbands Super? Empty
PostSubject: Re: Slugged extra Chlid Support for accessing husbands Super?   Slugged extra Chlid Support for accessing husbands Super? EmptySat 20 Nov 2010, 10:11 am

Thanks for your reply tamayles!

Sorry that your ex gets away with not paying CS.

I hadn't thought of ringing CS, so I'l do that tomorrow. Thanks for your help.
20% tax on $18000m is quite painful enough! LOL!

The 20% tax put me off when I first started looking into it, so extra child support will probably devastate my dreams of a skinny diabetes free me.
Back to top Go down
tamayles
Part of the furniture
tamayles

Female
Number of posts : 237
Age : 44
Location : Wallaroo
Registration date : 2009-02-22

Slugged extra Chlid Support for accessing husbands Super? Empty
PostSubject: Re: Slugged extra Chlid Support for accessing husbands Super?   Slugged extra Chlid Support for accessing husbands Super? EmptySat 20 Nov 2010, 10:00 am

Surely you should be able to explain to the CSA the reason behind the extra income and be able to have the assessment reassessed, but then we are talking about a government department here....lol

And probably be a huge pain in the arse in the process.

At least your husband does the right thing and pays his maintenance, my ex doesn't and goes to great lengths to get away with it.
Back to top Go down
Lillipilli
Newbie


Female
Number of posts : 29
Location : Canberra
Registration date : 2010-11-18

Slugged extra Chlid Support for accessing husbands Super? Empty
PostSubject: Slugged extra Chlid Support for accessing husbands Super?   Slugged extra Chlid Support for accessing husbands Super? EmptySat 20 Nov 2010, 9:51 am

It just occurred to me after reading another thread that if the amount of Super we access is added on to his income it would result in him paying extra Child Support.

I was sooo excited that I've 100% made my decision to go ahead and get a Sleeve ASAP excited to get the ball rolling here until this though hit me.

The thought of this happening makes me utterly furious
Back to top Go down
Sponsored content




Slugged extra Chlid Support for accessing husbands Super? Empty
PostSubject: Re: Slugged extra Chlid Support for accessing husbands Super?   Slugged extra Chlid Support for accessing husbands Super? Empty

Back to top Go down
 
Slugged extra Chlid Support for accessing husbands Super?
Back to top 
Page 1 of 1
 Similar topics
-
» 40 Army Support Regiment RE
» Hi, a newbie from Canberra
» Surface gravity of super earths
» Advice please - tearing pain in stomach 2 weeks out
» Please pray!! Going through divorce...ex is not paying bills or giving much support!!

Permissions in this forum:You cannot reply to topics in this forum
Gastric Sleeve Support :: Accessing your Superannuation-
Jump to: