We have put together a new parent paperwork checklist to help you, because there are always things you forget about and it can become overwhelming, even for parents that have planned for a baby. Because of this, the government have a few options for parents when it comes to financial relief. Once you have your baby you will probably be required to fill out the paperwork in the hospital. However, you can also look into filling the paperwork out online through the Centre Link website if you want to be extra organized. These are some of the things you will need to consider:
Baby’s Birth Certificate
It’s official! Your little one has arrived and will now require evidence of this joyous occasion. You will get the paperwork at the hospital which needs to be filled out and stamped by the hospital and then sent to Births, Deaths and Marriages in your state. Make sure you send it through within 60 days of your child’s birth.
Your new baby will be offered Medicare just like you and often he will be placed on the same card as you and your spouse. You can apply for his Medicare number and card through the paperwork given at the hospital. If you have Private Health Cover, then you will need to contact your insurance provider to add your baby to your current policy or switch to a family plan.
Baby Bonus Vs Paid Parental Leave
The baby bonus and paid parental leave offer financial assistance during the first year of baby’s birth. The Paid Parental Leave a weekly amount of $570 up to 18 weeks so that the main carer doesn’t have to work for a certain period of time. It can be taken right away or anytime during the first year of the child’s birth. For example, if you have four weeks annual leave as well as long service leave, then you may wish to use this first and then take the 18 weeks Paid Parental Leave for maximum paid time at home with your little one. How much you will receive will depend on an income and means test.
The baby bonus is a standard amount, currently at $5294 which is paid over 13 fortnightly instalments. You will need to be an Australian resident and your household income cannot be more than $75,000 in the six months following the birth.
New parents cannot receive both the Paid Parental Leave and Baby Bonus. There is an online comparison estimator that will determine which option is right for you and your family.
Child Care Rebate and Benefit
If you do need to return to work shortly, then you should not only be looking into childcare options as soon as possible, but you can also look into the Child Care Rebate which helps working families by covering 50% of the out of pocket childcare costs, up to $7500 per year. The Child Care Benefit can also provide assistance in childcare costs but it is income based.
Family Tax Benefits A and B
Family Tax A and B are both income tested and will offer fortnightly assistance with the costs of a newborn. Family Tax A offers up to $160.30 per fortnight for newborns while Family Tax B offers up to $136.36 per fortnight for newborns where there is only one main income earner. You may be eligible for both and can choose to have the installments throughout the year or as a lump sum at the end of the tax year.