How to estimate your income
Example of how to estimate your income for a child support assessment
Max is self-employed and files a tax return every year. He earns $30,000 in taxable income for the year ended 1 April 2002 to 31 March 2003. His child support assessment for 2004-2005 is based on his income of $30,000 that he earned during the 2002-2003 year.
Max starts paying his 2004-2005 child support assessment. However, this year it looks like he will only earn $25,000.
His income has fallen by more than 15% so he could estimate his income for child support (using an Estimate of income form) and ask us to calculate his assessment based on an income of $25,000 instead of $30,000. This method could save Max $125 a month (based on paying for five children with no dependents).
Date published: 29 Oct 2004
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