WA Affect of lump sum on child support

[MickyD]

Hi.
Approx 3 years ago I seperated from my wife, all assets were sorted through a Binding Financial Agreement.
We had some speccy shares, she didnt want anything to do with them, so she received a larger sum of cash through the refinance of my mortgage.
Now ive had a bit of luck. The shares have skyrocketed.
If I sell, and the profits are taxable capital gains, will this one off lump sum add into the calculations for next years child support?

 

[sammy01]

yes. Solution. Don't sell them until the kid turns 18.
Or sell some in June and some in July to split the heart ache over 2 tax years and hence minimise the damage

OR maybe, just maybe and you need to do the research. There is a rule in CSA that you can earn additional income for up to 3 years post separation to get back on your feet.
2.6.13 Reason 7 - necessary commitments of self-support | Child Support Guide

"Since 1 July 2008, changes to the child support scheme have enabled parents earning extra money after separation to request that this extra income not be included in the calculation of their child support assessment. This assists parents with post-separation costs (2.5.2) for a period of up to 3 years. This provision does not fall within the change of assessment process and the parent's adjusted taxable income can only be reduced by 30%. If a post-separation costs reduction has already been made, this will be relevant when deciding whether Reason 7 has been established."\
Its a long shot. But I'd call csa for some advice. Please realise exactly how useless they are. So they might say YES SURE but then when it happens say HELL NO...