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Childcare Trade-Off Widget

***On any devices, you can zoom in/out of the widget zone for readability. Also instructions below Widget***





















































(Last updated 25/4/2021)

Should you take time off work to care for your child? That is the question on everyone's (parents?) lips. Of course spending time with your kid is something precious you'll never get back. For those who aren't made for caring all day for your kids and only care about the financial side. Well I've got the answer for you. Goodness knows, all of you with kids need it!

Some notes to help you get the most out of the calculator.

Taxable Household Income - This is the adjusted taxable household income as defined by Centrelink.

Average Reduction in Income - Average ncome reduction per year that your household will experience from a spouse taking time off work. You will need estimate the average if more than a year.

Time off Work - Time in years that you want to consider taking.

Days in Childcare (time off) - Is the amount days your child will be in childcare when you take time off work.

Average Extra Payments via Time Off - Some people may be in the position of triggering a few government benefits such as FTB: Part A & B and Rental Assistant by taking time off. Please use the Payment and Service Finder to find out what payments you're eligible for and aggregate the estimates for this input here. Average is just so you are aware that you need to account for child age, updates to bracket and income changes for the period you want to take off. Please only add this section if you weren't eligible before taking time off otherwise zero it out.

Potential investible asset growth - Is the % growth/return of the investible asset.

The picture below the calculators show where you can get some of the data to enter into the yellow inputs field.

Hours in Childcare - The length of time the child attended childcare daily. This is used only in the hourly summary calcs.

No. Days Working - This is the number of days working per week either before or after time off. Only used in the hourly summary.

No. Hours Working - This is the number of hours worked per day either before or after time off. Only used in the hourly summary.

Annual cap is the allocated amount that the government will subsidised your childcare fees for the relevant FY.

Subsidy weeks is the length of time that your cap will last. Obviously this will be the entire current FY if you're fortunately enough to reach the right bracket.

Lost Wage - Is the amount wage you will lose over the year(s) you will take off.

Lost Super - Is the Super you will be foregoing for the period off work.

The first 3 rows in the summary section is applicable to your current situation. The rest of the section is your potential situation based on the inputs you entered.

The difference will be your savings if any from using your catch up concessional contribution to reduce your taxable income

The Total Lost/Gain Amount Over Time Summary section is the difference over 10-30 years. Green is the amount you gained by not working and red the amount you lose over the period.

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