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  1. #1
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    Default Single parent budget help... how do Profit and loss statements to centerlink work?

    Hello,

    I'm newly separated but I'm self employed and struggling to find information to help me plan out my new budget as a single parent.
    I have the opportunity to move into my own rental but I'm looking for advice on where to start to see if this is something I will be able to afford to sustain as a solo self employed mum. I need to separate my finances from my exbut don't know if I/ We can afford to.

    Does anyone know how profit and loss statements work for centrelink?

    How can I find out if I'm eligible for any benefits if I'm solo but earning an income with a child at full time school.

    Help any and all advice appreciated

  2. #2
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    Have you rung Centrelink already? They backdate to the day you first call so make sure you call ASAP. Once you call they help you figure it all out. It’s incredibly confusing though. I’m no longer a single mum but DP and I have a primary production business (farm) and our profit and loss is taken care of by our accountant and goes against our taxable income (we both work as well as run our small farm).

    Anyway so yeah, just call Centrelink. Their online calculators are hopeless and confusing and the website is difficult to navigate.

  3. #3
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    Absolutely call them.

    I was receiving Partnered Parenting Payment while DH was running his own business. I did all his bookwork.

    I basically had to keep two sets of records, one for the ATO and one for Centrelink as there are certain expenses that centrelink don't accept that the ATO do. Don't ask me why as it was a complete pain.

    So talk to centrelink first, get the form they use for P&L and ask them about the specific 'normal' business expenses you cannot include. Then take it from there (if you have someone else who does your accounts, take the centrelink info to them. Otherwise transfer it all across.

    It was a while ago, but from memory they wanted a historical P&L, plus an estimate. Then you had to lodge them every month. I just remember it was a lot of work!

  4. #4
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    Thank you, going to call today of the kids napπŸ€·β€β™€οΈ


 

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