I was just plugging some numbers into ato calculators.
It would seem that a split income family is much better off in terms of nett income.
Family 1
Partner 1 - $120000 base Tax=$32167 Nett=$87833
Partner 2 - Stay at home (2kids)
Family 2
Partner 1 - $60000 base Tax=$11000 Nett combined=$98000
Partner 2 - $60000 base Tax=$11000
Family 1+
Partner 1 - $145000 base (Some overtime) Tax=$41597 Nett=$103403
Partner 2 - Stay at home (2kids)
Are these numbers correct?
It would seem, i am better off giving up the corporate job, and being self employed, even after some overtime still not much difference.
I havent included super (that would be a benefit of corporate job), also partner2 could get up to $18,000 tax free job... but still the numbers look compelling to get out of the big companies
I should explain the corporate job largely involves 10pm-2am high stress work on weekends which after 15 years and now young family is not appealing...
Self employed prospect, is pretty much guaranteed work. Fathers business that he will be retiring from soonish.. (7am-4pm work)
It would seem that a split income family is much better off in terms of nett income.
Family 1
Partner 1 - $120000 base Tax=$32167 Nett=$87833
Partner 2 - Stay at home (2kids)
Family 2
Partner 1 - $60000 base Tax=$11000 Nett combined=$98000
Partner 2 - $60000 base Tax=$11000
Family 1+
Partner 1 - $145000 base (Some overtime) Tax=$41597 Nett=$103403
Partner 2 - Stay at home (2kids)
Are these numbers correct?
It would seem, i am better off giving up the corporate job, and being self employed, even after some overtime still not much difference.
I havent included super (that would be a benefit of corporate job), also partner2 could get up to $18,000 tax free job... but still the numbers look compelling to get out of the big companies
I should explain the corporate job largely involves 10pm-2am high stress work on weekends which after 15 years and now young family is not appealing...
Self employed prospect, is pretty much guaranteed work. Fathers business that he will be retiring from soonish.. (7am-4pm work)