What does this word/phrase mean?
|Question||What does this word/phrase mean?|
|Answer||Some of the more common words and terms are explained below :-
Adjusted Taxable Income (ATI) this is the total of your taxable income, plus any of the applicable other income components, which can be gross reportable fringe benefits total, target foreign income, net rental property income and losses and some tax-free pensions or benefits.
Self Support Amount (SSA) is an amount deemed to be sufficient to support yourself and is deducted from the ATI. The amount is 1/3 of the annualised MTAWE (Male Total Average Weekly Earnings).
Note that the MTAWE and thus this amount, is changed on an annual basis. Generally over time the MTAWE will increase and therefore so will the SSA. This has also been called Self Support Income at times.
MTAWE is the Male Total Average Weekly Earnings; this figure is the basis for many calculations done when making an assessment. The figure is updated annually by the start of the new year, based upon figures published by the ABS (Australian Bureau of Statistics).
Child Support Income (CSI) is the amount for each parent, that is then used to determine the cost of the child or children. It is the ATI, less any allowance for other children (Relevant Dependant Children) and less any allowance for multiple cases (Multi-case Allowance).
Combined Child Support Income (CCSI) this is the sum of each parent's CSI (Child Support Income). This value is then used to determine the overall cost of the children before apportioning that cost to the parents based upon the percentage of the combined income they provide and the Cost Percentage of the children that each parent has.
Relevant Dependant Child (RDC) is a child for which child support is not being assessed and is a natural or adopted child of the parent being assessed. Other children, if a dependency can be shown to exist, can be classed as a relevant dependant child. This could be for example, if the child is in the care of the assessed parent and the natural parents are deceased. Another area is where the natural parent is incapable of providing for the child due to a medical condition. On the assessment the allowance for relevant dependant children is shown as "less Other Dependant Allowance".
Cost Percentage is the percentage of the costs of the child or children in relation to the level of care a parent has for the child or children. It is used, in conjunction with the parent's percentage of the Combined Child Support Income to apportion the costs of the child or children to the parent.
Income Percentage is the percentage of the Combined Child Support Income that a parent contributes to.
Care percentage is the percentage of care of the child that a parent has.
Multi-case is when a parent is also a parent in another child support case, where the other parent is not a parent in the current case.
Multi-case allowance is an allowance deducted from the ATI (Adjusted Taxable Income). The allowance takes into consideration the cost, to the parent, of the other case or cases.
Multi-case Cost is the cost of the child support child as if they were still living with you.
Multi-case Cap is a cap that may be applied to the multi-case cost of a child. It used to ensure that a parent does not pay more than they would cost if that child lived with the parent.
Split-care is when both parents have primary care of one or more children. In which case the child support payable by each parent to the other are offset to ascertain the actual amount of child support to be paid.