Baby bonus when it coming in the mail
Exciting times! The Baby Bonus is a payment made by the Australian Government to help with the costs of raising a child. Here's what you need to know:
When can you expect the Baby Bonus to arrive?
The Baby Bonus is usually paid out in two installments:
- The first payment is made after the birth of your child, and it's usually paid within 4-6 weeks of the birth.
- The second payment is made when your child turns 1 year old, and it's usually paid around 4-6 weeks after the child's first birthday.
How do you receive the Baby Bonus?
The Baby Bonus is paid directly into your bank account. You'll need to provide your bank account details to Centrelink when you apply for the payment.
What do you need to do to receive the Baby Bonus?
To receive the Baby Bonus, you'll need to:
- Apply for the payment through Centrelink.
- Provide proof of your child's birth, such as a birth certificate or a birth notice.
- Provide your bank account details.
How much is the Baby Bonus?
The Baby Bonus is a one-time payment of $5,000 per child.
What else do you need to know?
- The Baby Bonus is taxable, so you'll need to declare it on your tax return.
- You may be eligible for other government payments, such as Family Tax Benefit Part A and Part B, depending on your income and family circumstances.
- If you're receiving other government payments, such as Newstart Allowance or Youth Allowance, the Baby Bonus may affect the amount you receive.