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How to allocate parenting payments or family benefits taxable
How to allocate parenting payments or family benefits taxable

Learn how to allocate taxable parenting payments or family benefits effortlessly in TaxTank.

Updated over 7 months ago

Some Centrelink and Government payments need to be included in your taxable income and others are tax exempt. To make allocating easy we've created income categories that align with the reporting requirements.

Family Benefits and Child Support

Family benefits, including Part A and Part B Family allowances and childcare rebates, are tax exempt. When allocating these payments from Bank Feeds select the 'Personal' icon and then category 'Centrelink - Family Benefits Payments'.

Child Support is also an excluded income. When allocating these payments from Bank Feeds select the 'Personal' icon and then category 'Child Support'.

Australian Government Pensions & Allowances

Most pensions and allowances are taxable and must be included in your taxable income, if tax is withheld by Centrelink these amounts should also be included.

When allocating Government payments from Bank Feeds select the 'Work Tank' icon and then select the appropriate "Pension", "Newstart", "Youth Allowance" or "Austudy" category. All other payments should be allocated to the 'Government Allowances' category.

  • Category "Pension"

    • ABSTUDY Living Allowance, if you’re 16 or older

    • Age Pension

    • Carer Payment, if you or the care receiver is Age Pension age

    • Dad and Partner Pay

    • Disability Support Pension, if you’re Age Pension age

  • Category "Category "Austudy"

    • Austudy

  • Category "Youth Allowances"

    • Youth Allowance, if you’re 16 or older.

  • Category "Newstart"

    • Newstart

  • Category "Government Allowances"

    • Disaster Recovery Allowance

    • Farm Household Allowance

    • JobSeeker Payment

    • Parental Leave Pay from us

    • Parenting Payment

    • Special Benefit

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