MONEY MOVES TO MAKE

Money mag­a­zine’s Effie Za­hos shares what you need to know be­fore tak­ing parental leave

Real Living (Australia) - - CONTENTS -

1 DOU­BLE DIP­PING

Even if your em­ployer of­fers paid ma­ter­nity leave, you can also ac­cess the Govern­ment’s Paid Parental Leave. The so-called “dou­bledip­ping” law wasn’t passed, so tech­ni­cally you can get both. How much leave and pay en­ti­tle­ment you get from your em­ployer comes down to your em­ploy­ment con­tract. The Paid Parental Leave scheme, which is fully govern­ment funded, is paid for a max­i­mum pe­riod of 18 weeks at $719.20 a week be­fore tax (the na­tional min­i­mum wage). Parental Leave Pay can only be taken by one par­ent at a time, but if you go back to work and you haven’t used the full 18 weeks of leave, your part­ner can take the rest of the leave if they be­come the pri­mary carer and are el­i­gi­ble.

2 DAD & PART­NER PAY

El­i­gi­ble work­ing dads and part­ners (in­clud­ing same-sex part­ners) get two weeks’ leave paid at the na­tional min­i­mum wage ($719.20 a week). To be el­i­gi­ble for this scheme, you can’t work or take paid leave dur­ing your two-week Dad and Part­ner Pay pe­riod. If you plan on trans­fer­ring your Parental Leave Pay to the same per­son who is claim­ing DAP, then the max­i­mum pay­ment pe­riod is capped at 18 weeks.

3 SU­PER IN­CEN­TIVE

Un­for­tu­nately su­per­an­nu­a­tion isn’t paid on parental leave pay­ments. There’s a cost in tak­ing ca­reer breaks and this cer­tainly doesn’t help with the su­per gen­der gap. While there are sev­eral things you can do to keep your su­per grow­ing while you’re on parental leave – get your spouse to con­trib­ute or make ex­tra pay­ments when you re­turn to work – it would be worth talk­ing to your

em­ployer first. It may be tricky to ne­go­ti­ate, but ask if they’d still make su­per guar­an­tee pay­ments while you’re on leave. Some of the more pro­gres­sive com­pa­nies are of­fer­ing this as an in­cen­tive to re­turn to work. If you don’t ask, you don’t get!

Spare change Lu­nar coin purse, $9.95, Sports­girl.

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