The Baby Bonus Scheme is designed to help families defray the costs of raising a child. The Baby Bonus Cash Gift has been enhanced for eligible children born, or have an estimated delivery date, on or after 1 January 2015:
- Introduction of a new Baby Bonus Plus of $2,000.
The Baby Bonus Plus is intended to support parents’ out-of-pocket caregiving costs during the first 18 months of a child’s life, and will be disbursed at the 15th and 18th month mark to provide parents with more sustainable support.
- Extension of enhanced Baby Bonus Cash Gift (i.e. inclusive of the Baby Bonus Plus) to 5th and subsequent children.
The Cash Gift has been extended to the fifth and subsequent children, together with the Baby Bonus Plus.
Child Development Account
The CDA is a special savings account for children to help build up the savings that can be spent on approved uses. The CDA has been enhanced for eligible children born, or have an estimated delivery date, on or after 24 March 2016. When a CDA is opened, the child will receive CDA benefits, including the CDA First Step and Government dollar-for-dollar matching contributions for each dollar that parents deposit, up to the contribution caps shown below:
| Child Order |
CDA Benefits |
Total CDA Benefits |
| CDA First Step |
Dollar-for-Dollar matching |
1st & 2nd Child
|
$3,000 |
Up to $3,000 |
Up to $6,000
|
3rd & 4th Child
|
Up to $9,000 |
Up to $12,000
|
5th and higher
|
Up to $15,000 |
Up to $18,000 |
Children of unwed parents who are born, or have an estimated delivery date, on or after 1 September 2016 can receive CDA benefits.
For More Info
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Fax: (65) 6708 7137
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