My daughter left school on 8 november 24.. I have paid CSA to then based on 23/24 income. I will be selling an IP in Jan/feb 25 which was part of my asset split during my2022 divorce. Will I have to pay increased CSA for period 1 July -8 Nov 24 as my 24/25 income will be higher than 23/24 due to the sale of IP.
In Australia, child support assessments are primarily based on each parent's adjusted taxable income (ATI), which includes taxable income components such as capital gains from the sale of assets like investment properties.
Given that your daughter left school on 8 November 2024, your child support obligations would typically continue until that date. The assessment for the period from 1 July to 8 November 2024 would generally be based on your ATI for the 2022–2023 financial year. However, if you sell your investment property in January or February 2025, the capital gain realized from this sale will be included in your ATI for the 2024–2025 financial year. This increase in income could potentially affect future child support assessments, especially if there are any outstanding obligations or arrears.
It's important to note that if your income changes significantly (by 15% or more), you are required to inform Services Australia, as this may prompt a reassessment of your child support payments.
Given the complexities involved, it's advisable to consult directly with Services Australia or seek professional legal advice to understand how the sale of your investment property may impact your specific child support obligations.