Tax

[Guest jason&Vicki]

Hi

Just trying to work out how much you need to earn for a family of 4 renting and all the usual bills

Can anyone help

[Guest timstoolbox]

Hi Jason and Vicki,

 

Many variables exist but here is a good budgetary sample:

Rent $300pw (good approximation living 20-40 km out of city in avg area)

Electricity: $350-500 per quarter

Gas $150-180 per quarter

Water $250 per quarter

Food/groceries $350pw

Fuel $70 goes around 600km for us

Reg (motor tax) $320 per quarter

Insurances $150 per month

Medical expenses depend on your eligibility for medicare and your requirements

 

My best guess would be $45-50K is your sink or swim point assuming no cash/capital or additional income. My income of $52K does not make ends meet in our house with a mortgage $250 per week additional to above. Remember that two people working part time means you may pay less tax than a single income of a larger amount. Deductions are a good point of discussion too, have a look at www.ato.gov.au for more info or PM me if keen to continue to chat.

 

Hope this helps .

TV

[HEAPS GOOD !!!]

Hi

Just trying to work out how much you need to earn for a family of 4 renting and all the usual bills

Can anyone help

 

At the end of the day mate you cut your cloth accordingly...you do what is neccessary to get by...and alot of Aussies live that way and they have lived that way for many many years....whats good for the goose is good for the gander as they say....

 

Were lucky we have 2 incomes coming in and a very supportive network of friends....

 

HG