1.1.P.130 Provisional income
Definition
Provisional incomes may be used in a child support assessment (1.1.C.70) to ensure a parent’s (1.1.P.10) financial capacity is reflected as accurately as possible when a parent has not yet lodged a tax return for a relevant financial year.
Provisional incomes:
- ensure child support assessments are accurate despite a parent not lodging a tax return
- encourage timely lodgement of tax returns
- recognise that due dates for tax lodgement due dates can be delayed if the parent lodges their tax return through a tax agent
- minimise the risk of either parent being assessed with a debt or overpayment (1.1.O.20) when a child support assessment is retrospectively updated when the parent lodges their tax return.
A provisional income may be updated retrospectively if new information is received about a parent’s taxable income depending on the period the income will apply to.
For more information on how a provisional income is used in a child support assessment see 2.4.4.40.