Guest jason&Vicki

Tax

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    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

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    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

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    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

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