July 1, 2008
Childcare Costs take a dive
NO FEE INCREASE AT ERINA BAPTIST PRESCHOOL
First and foremost, contrary to the news and publicity concerning the upward direction of Fees in many other Centres, we are pleased to announce that there will be no increase in the daily fees at Erina Baptist Preschool as at July 1. While have had 4% wage rises in the first half of the year, we are determined to keep Fees stable for parents in this tough economic climate.
Our Daily Rates vary slightly depending on the age group and the 'staff to child' ratio that is required.
DOLPHIN'S ROOM Age 4-5's (min staff ratio 1:10 children) $57 per day
KOOKABURRA'S ROOM Age 3-4's (min staff ratio 1:10 children) $57 per day
BILBY'S ROOM Age 2-3's (min staff ratio 1:8 children) $60 per day
JOEY'S ROOM Age 0-1's (min staff ratio 1:5 children) $65 per day
These costs do not include the Federal Government subsidy to Parents in the form of the Child Care Benefit or the Tax Rebate.
CHILD CARE BENEFIT INCREASE
From July 1, the Child Care Benefit has increased by 10 cents per hour to $3.47. The Child Care Benefit is administered by the Family Assistance Office and depends on your family's income. The lower the income the greater the subsidy. For ease of administration for you, this subsidy, once agreed between you and the Family Assistance Office, is paid directly to us.
You pay the remaining portion direct to us on a fortnightly basis or for a school term. These, as well as other authorised expenses, form your Out-of-Pocket expenses.
TAX REBATE INCREASE
The Government pays you a further subsidy on these Out-of-Pocket Expenses. As from July 1 the Tax Rebate increases from 30% to 50% and will be paid quarterly. So your Tax Rebate on out-of-pocket Expenses for July to September, will be paid in October. There is a Work, Training & Study Test for both parents (more information can be accessed from the website listed below) to qualify for this extra rebate.
YOUR COSTS AFTER GOVERNMENT SUBSIDIES
FAMILY INCOME FAMILY INCOME FAMILY INCOME
$55,000 $75,000 $100,000
WAS NOW WAS NOW WAS NOW
Daily Fee (say, for Dolphins) $57.00 $57.00 $57.00 $57.00 $57.00 $57.00
less Rebate $26.19 $27.61 $18.50 $19.92 $8.68 $10.31
New Daily Rate $30.81 $29.39 $38.50 $37.08 $48.12 $46.69
If you qualify for the Tax Rebate, the Daily Rate reduces further:
less Tax Rebate (paid Quarterly) $9.24 $14.69 $11.55 $18.54 $14.43 $23.34
Real cost (approx daily rate) $21.57 $14.70 $26.95 $18.54 $33.69 $23.35
(Intended as a helpful estimate only - accurate figure will depend on income as assessed by the Family Assistance Office)
REFERENCES:
For the Daily Rate after CCB on other Income levels, check on our Website at
http://www.erinabaptistpreschool.com.au/page20.htm
For verification of CCB percentages, link to the official Government website:
http://www.oececc.gov.au/child_care/child_care_benefit_ready_reckoner.htm
For further information on the Tax Rebate and the Work, Training Study Test, link to the official Government website:
http://www.familyassist.gov.au/Internet/FAO/FAO1.nsf/content/-work_study_test.htm
To access a worksheet to calculate the Tax Rebate (but change the Rate to 50%), link to the official ATO website:
http://www.ato.gov.au/individuals/content.asp?doc=/Content/00098400.htm&page=8&H8