#3517 (In Topic #951)
Can I claim any tax benefits or any family tax benefits if I have shared residence of 40%
This is a great site and I am glad that a work colleague advised me of this place.
I have a question about what I can claim in tax and in parenting payments, given that I have my child for 40% of the year, and I pay what is still a huge amount of child support to my ex.
I earn about $80k per year, and my ex earns about $95k.
I have been paying her a significant amount in child support in order to keep the peace, and to gradually increase my parenting time with my child without her creating obstacles for me.
Well, now I have my 7 year old for about 40% of the year, and I think its time that I stop (or reduce) my child support payments to the ex (I am thinking of going to the CSA and letting them assess what I should be paying). I am currently paying her $250 per week (yes I know, its a lot, but it was the only way I could see my kid).
Since I am doing this, I also want to claim what is rightfully mine tax wise, and from benefits like the family tax benefit and the parenting payment.
(i) Can someone please list for me, in plain simple language, whether I can claim my child as a dependent tax wise, or claim my child support as a tax deduction, or get some other type of tax concession for my efforts with my child?
(ii) Can someone also list for me what benefits there are for parents in total, and whether I can claim part of these benefits for looking after my child, like the Family Tax Benefit, the Parenting Payment, etc, etc?
(iii) I also heard that the law changes this coming July, so I would like to know whether the answers to my questions would be different pre and post July.