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  1. #1
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    Default Taxable income

    When you do an estimate on centrelink and it says taxable income. Say you earn 500 per week which equals 26000 per year is that your amount or is it 26000 minus the tax free threshold of 18000 making it 8000???

    So is it a: $26000
    B: $8000
    Or c: other

    Thanks to anyone who can help

  2. #2
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    your taxable income would be the amount before taking off the tax free threshold.

  3. #3
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    It's $26000 the amount before tax. I think you also have to include any ( bank) interest you earn on any savings you may have.

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    just be careful that they may look at your adjusted taxable income (otherwise known as taxable income for surcharge purposes). which means things like deductible super contributions and any net investment losses are added back.

  5. #5
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    Is the $500 take home pay after tax? You need to use the amount you earn before any tax is taken.

  6. #6
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    It's a 26,000
    Gross amount

  7. #7
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    I thought so but was hoping for the opposite going back to work just isn't worth it $$$ wise be maybe $50 in front

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    Quote Originally Posted by silly View Post
    I thought so but was hoping for the opposite going back to work just isn't worth it $$$ wise be maybe $50 in front
    You will have deductions in your 26000. I'd imagine about 2-3 grand worth. So make it more like 23000.

  9. #9
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    I can't imagine 2-3 grand in deductions there would not be much to claim in this job maybe laundry allowance if they still do that haha

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    Quote Originally Posted by silly View Post
    I can't imagine 2-3 grand in deductions there would not be much to claim in this job maybe laundry allowance if they still do that haha
    We only had significant deductions when we had our investment property.
    We now will have few hundred in union fees, and no more than $104 in washing


 

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