Tax implications - Wife not working
Nov 15th 2007, 8:04 am
#1
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Tax implications - Wife not working
Just wondering what our situation will be. I am a house wife so there will be only one working in the family. What are the tax advantages of this? We also have one dependent.
Thanks
Thanks
Nov 15th 2007, 9:20 am
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Re: Tax implications - Wife not working
Nov 15th 2007, 9:25 am
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Re: Tax implications - Wife not working
Nov 15th 2007, 9:26 am
#4
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Re: Tax implications - Wife not working
And make sure that any savings you have are in your name only. Then any interest earned doesn't have to be split between the two of you. You're unlikely to have to pay any tax on it since it will be your only income - so tax-free interest!
Nov 15th 2007, 9:30 am
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Re: Tax implications - Wife not working
The big tax advantage of a non-working spouse is to put your savings in their name so you can use their tax allowance. If they've no other income then you can earn up to $11k with no tax.
With a non working spouse you dont get hit for the 1% extra medicare levy if the family earnings are below $100k (plus $1k per kid).
I think you can get some super benefit. This may have changed since last year's rule changes but I haven't heard anything. See http://www.apesma.asn.au/newsviews/p...ouse_super.htm
With a non working spouse you dont get hit for the 1% extra medicare levy if the family earnings are below $100k (plus $1k per kid).
I think you can get some super benefit. This may have changed since last year's rule changes but I haven't heard anything. See http://www.apesma.asn.au/newsviews/p...ouse_super.htm
Nov 15th 2007, 9:32 am
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Re: Tax implications - Wife not working
Great information. Thanks Guys.
Interesting about the savings!!!
Interesting about the savings!!!
Nov 15th 2007, 9:37 am
#7
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Re: Tax implications - Wife not working
On a related question Say if my spouse was getting 80k per year is there anyway of working out net monthly income. Is there a tool on the net for working this out to inc. tax relief for spouse not working. We will be going down on a 175 PR visa.
Nov 15th 2007, 9:55 am
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Re: Tax implications - Wife not working
Nov 15th 2007, 10:08 am
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Re: Tax implications - Wife not working
Some great tips guys,
thx,
Karma sent...
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thx,
Karma sent...
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Nov 15th 2007, 11:08 am
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Nov 15th 2007, 11:41 am
#11
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Re: Tax implications - Wife not working
Thanks again.
Nov 15th 2007, 11:48 am
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Re: Tax implications - Wife not working
Kind of similar question. My OH employs me as his book-keeper,(advise from the account to keep tax down) but I have found a proper job
part time but does anybody know off hand if this will increase my tax output
Left a message with the accountant but no response yet
part time but does anybody know off hand if this will increase my tax output Left a message with the accountant but no response yet
Nov 16th 2007, 8:12 am
#13
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Re: Tax implications - Wife not working
But could you let us know what you accountant says, I think that would be interesting.
thx.
