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paddygunner

single income family v's 2 income family

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Here in Ireland there is additional tax credits for a 2 income earning family.

ie. family with 1 earning a salary of €70000 pays more tax than a family with both working total household earnings of €70000.

 

Is there similar additional tax credits for double income families in Aus. Or is it the same tax rate whether you are single or married?

 

P

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Guest siamsusie

Hi Paddy,

 

I am moving this over to the financial thread in the hope of some answers for you.

 

Very best wishes

 

Susie x

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Guest Ph0en1x
Here in Ireland there is additional tax credits for a 2 income earning family.

ie. family with 1 earning a salary of €70000 pays more tax than a family with both working total household earnings of €70000.

 

Is there similar additional tax credits for double income families in Aus. Or is it the same tax rate whether you are single or married?

 

P

 

The rate is the same

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The individual is taxed, not the family income, so say both my husband and I were earning $85K, we would both be at the same rate of 42%. If I earned $160k and he earned nothing, I would be taxed at 45%.

 

Things like pensions are affected if you're married (which is why there's an increasng trend for older people not to officially shack up together); you get more as two singles than 1 family.

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Guest Ph0en1x
The individual is taxed, not the family income, so say both my husband and I were earning $85K, we would both be at the same rate of 42%. If I earned $160k and he earned nothing, I would be taxed at 45%.

 

Things like pensions are affected if you're married (which is why there's an increasng trend for older people not to officially shack up together); you get more as two singles than 1 family.

 

The tax rates are as follows

0-37k - 29%

0-80k - 30%

80-180k - 37%

>180k - 45%

 

All annual leave is taxed at the marginal rate

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The tax rates are as follows

0-37k - 29%

0-80k - 30%

80-180k - 37%

>180k - 45%

 

All annual leave is taxed at the marginal rate

 

The ATO reports:

 

0 - $6,000 Nil

$6,001 - $35,000 15c for each $1 over $6,000

$35,001 - $80,000 $4,350 plus 30c for each $1 over $35,000

$80,001 - $180,000 $17,850 plus 38c for each $1 over $80,000

$180,001 and over $55,850 plus 45c for each $1 over $180,000

 

Are your rates 457 rates or something?

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Guest Ph0en1x
The ATO reports:

 

0 - $6,000 Nil

$6,001 - $35,000 15c for each $1 over $6,000

$35,001 - $80,000 $4,350 plus 30c for each $1 over $35,000

$80,001 - $180,000 $17,850 plus 38c for each $1 over $80,000

$180,001 and over $55,850 plus 45c for each $1 over $180,000

 

Are your rates 457 rates or something?

 

Yes they are non-resident rates

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