Just did an estimate of childcare fees for both kids starting childcare full time next year.
A week of childcare based on $64000 income for both working parent is $535.00 and out of pocket for each child is $463.71 a week (daily fee is $107. That means 2 children of $927.42 a week will be $3709 a month for both children. At $64000k a year of wage, weekly take home pay before tax is $1230.
So, all that earns will go to childcare. Really? I will only have $302 from work for working 5 days a week and that is even before tax and superannuation.
Can someone enlighten me if that is the case?
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01-11-2015 05:03 #1Senior Member
- Join Date
- Aug 2010
- Upper Coomera
01-11-2015 05:27 #2
.... I was rambling and none of it made sense. Sorry
Last edited by Rose&Aurelia&Hannah; 01-11-2015 at 05:36.
01-11-2015 05:52 #3
Is the $64k a combined income?
If Childcare is $107 day for each child then full child care fees will be $1070 week. But with both parents working, you will get the 50% rebate which means you will be out of pocket $535 and the government will pay the rest. However, the government rebate cap is at $7500 so once they've paid $7500 for each child, you will be out of pocket.
If your combined income is $64k then you will also be eligible for some child care benefit, which is a discount of your daily fees. Even if you both earn $64k you might be eligible for a small but of the benefit. Best to check the Centrelink website or call them for help.
01-11-2015 07:34 #4
My calculations indicated that $21400 after rebatesImageUploadedByThe Bub Hub1446323346.205778.jpg ( image is before 15k is taken off). So that's just under $412pw.
Side note Minimum wage combined is over 68k for 2 people working full time, so if earning less I assume 1 of the roles is part time.
do they need to go ft ( 5 days a week) Even just reducing to 4 days a week will save just over another $200pw
01-11-2015 08:48 #5
Sorry if I'm reading it wrong but the estimator is only showing child care benefit... Isn't it then halved again for child care rebate?
01-11-2015 08:50 #6
01-11-2015 09:44 #7Senior Member
- Join Date
- Sep 2009
Word of warning - the percentage of child care benefit you get doesn't come off what you pay childcare. Centrelink in their wisdom (much like Medicare) have decided on an amount that they regard to be the cost of a full days care and they take the percentage off that. So say you pay $100 a day and are entitled to 50% rebate they don't give you back $50, they give you back half of what their figure might be (not sure what it is).
ETA: just checked and this year the full CCB amount is $4.17 an hour. So for a centre open 10 hours a day the maximum daily benefit is $41.70. And a another thing, if you have a centre that is open 12 hours a day you effectively only get benefit on 4 days because you can only claim 50 hours a week. It goes on how many hours your child could have attended, not how many they actually did.
Last edited by amyd; 01-11-2015 at 09:48.
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