Hi all, my ex and I have finally come to a private agreement about child support and I'll receive payment for majority care of our children. How does this affect my taxable income for my tax return, as it's not managed by Centrelink/Child Support?
It would basically look like a regular payment appearing in my bank account every 2 weeks, so is this treated as income for tax purposes or not, rather than a lump sum or once-off payment?
I looked at the ATO site and it mentions vaguely that "Generally, you don't declare amounts you receive for: child support and spouse maintenance payments you receive." but that wasn't too helpful. Does that only count for those collected via Child Support Collect directly, or does it include a private agreement between two parties?
Thanks!
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