Paid Parental Leave Boost

Paid Parental Leave Boost

 

On 25 October 2022, it was announced by the government that it will introduce a reform that from 1st July 2023 on Paid Parental Leave Scheme both birth and non-birth parents are able to receive the payment and either one of the parents can claim the same when they are qualified or passed the eligibility criteria. This measure is for parents with a newborn or newly adopted child.

And every following year, until 1st July 2026, another two weeks will be added until it reaches a total of 26 weeks. Solo parents also are able to access this scheme.

 

This plan benefits the parents in the following way:

 

  •   Both parents shall be able to share the leave entitlement with an option of ‘use it or lose it’ basis. This option encourages both parents to use the leave entitlement to be able to practice their responsibility of caring for their child more equally and increase their time spent with their newborns.

 

  •    Both parents shall be able to take leave at the same time to be able to care for their child at the same time. They can take it in blocks in between work.

 

  •   An increase to $350,000 taxable income limit in addition to the income limit of $156,647.

 

Services Australia has been allocated $4.7 million in 2022-23 and $16.8 million over 4 years until 2025-26 to deliver the IT changes needed to implement this measure subject to the passage of legislation.

 

Contact us for more information.

 

Yan (Jenny) Qi CA

Founder of Progress CA Pty Ltd

Tel. no. 0403 050 779

Email: info@progressca.com.au

Website: www.progressca.com.au