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Re: Household income change from single to dual income

Newbie

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Replies 2

After a few years of work raising a family my partner is about to return to work part time, and will be earning a small income (maybe $25k) to support our family. I am currently earning $95K and with this as our sole income, we have received family tax benefit payments from Centrelink. With a new combined income of $120K, I know our Centrelink payments will cease, but I was wondering how will tax be calculated? It's been a while since we had two incomes and I am wondering what to expect in our pockets for expenses each fortnight.  Any advice would be greatly appreciated!

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Devotee

Replies 1

Dual income has no bearing on tax - each individual is taxed on their own income. Combined income is however used for calculation of private health insurance surcharge & amny social security benefits

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Most helpful response

Devotee

Replies 1

Dual income has no bearing on tax - each individual is taxed on their own income. Combined income is however used for calculation of private health insurance surcharge & amny social security benefits

Newbie

Replies 0

Ok excellent, thanks! I think I am getting multiple Government agencies confused, seeing as I access them all on MyGov. So we both are still quite low income earners and won't get taxed more when grouped together - great to know.