NSW Can child support touch my inheritance
- Thread starter SCOOTTERS
- Start date
Very basically .... An inheritance is not generally considered taxable income, therefore it won't affect your adjusted taxable income for the purposes of calculating your CS liability.
That said, if you have arrears & your inheritance finishes up in a bank account that CSA can lawfully access, then they can get it.
When you come into the inheritance, another option would be to do the right thing, settle your arrears, & not have the anxst.
That said, if you have arrears & your inheritance finishes up in a bank account that CSA can lawfully access, then they can get it.
When you come into the inheritance, another option would be to do the right thing, settle your arrears, & not have the anxst.
Child support will usually be calculated off your taxable income. However, where that is not an accurate reflection of income, the Child Support Agency can (and will) consider other means (i.e. forms of income and asset holdings) to calculate what is payable. The inheritence itself may not form part of what they look at, but once it hits your asset holdings it almost certainly can be considered.
The answer to your question
As the above posters say, it's usually calculated off your taxable income. Usually.
But if the nature of the windfall indicates a new income stream
(say, an income stream from shares or trading proceeds, or some sort of periodic fee such as an IP licence)
rather than a mere lump sum of cash, then it can be.
That's because a new income source can be a basis on which to do a new assessment.
Your Dad (not you) needs pro-advice from a lawyer about how to get set up properly.
This is not something that he can do on some twenty dollar form from the newsagent.
And you... you need to be up to date on your Child Support payments before he dies.
"Can child support touch my inheritance?"
is "No, except when they can. "As the above posters say, it's usually calculated off your taxable income. Usually.
But if the nature of the windfall indicates a new income stream
(say, an income stream from shares or trading proceeds, or some sort of periodic fee such as an IP licence)
rather than a mere lump sum of cash, then it can be.
That's because a new income source can be a basis on which to do a new assessment.
Your Dad (not you) needs pro-advice from a lawyer about how to get set up properly.
This is not something that he can do on some twenty dollar form from the newsagent.
And you... you need to be up to date on your Child Support payments before he dies.
Last edited:
Similar threads
