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Old Jul 5th 2008, 12:38 pm   #1
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Default tax again....

can someone please help. i am so stupid when it comes to working out tax.:curse:we are trying to figure out how much money we would have a month if my husband had a job of 100000 year +super. we are a family with 3 children and i dont intend to work. thank you so much in advance, i have been on the revenue web site but cannot figure out the amount for spouse and children. we just want to make sure we can afford to live in sydney. Anne Marie
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Old Jul 5th 2008, 8:47 pm   #2
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Default Re: tax again....

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Originally Posted by wexford lass View Post
can someone please help. i am so stupid when it comes to working out tax.:curse:we are trying to figure out how much money we would have a month if my husband had a job of 100000 year +super. we are a family with 3 children and i dont intend to work. thank you so much in advance, i have been on the revenue web site but cannot figure out the amount for spouse and children. we just want to make sure we can afford to live in sydney. Anne Marie
http://calculators.ato.gov.au/script...putDetails.asp
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Old Jul 6th 2008, 4:52 am   #3
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Default Re: tax again....

This one is a bit more straightforward and it includes the Medicare Levy.

http://www.ato.gov.au/scripts/taxcal...ndard_hire.asp

Just plug in your weekly/fortnightly/monthly gross and hit the button. Leave all the other options set to the default values (ie. as they are).

You might find that you'll net a bit more depending on whether you can claim FTB etc - but you won't net any less than the figure calculated.

$100k pa will net at least $1923 per week. If you can cope on that amount, you'll be fine.
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Old Jul 6th 2008, 5:28 am   #4
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Default Re: tax again....

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Originally Posted by NickyC View Post
This one is a bit more straightforward and it includes the Medicare Levy.

http://www.ato.gov.au/scripts/taxcal...ndard_hire.asp

Just plug in your weekly/fortnightly/monthly gross and hit the button. Leave all the other options set to the default values (ie. as they are).

You might find that you'll net a bit more depending on whether you can claim FTB etc - but you won't net any less than the figure calculated.

$100k pa will net at least $1923 per week. If you can cope on that amount, you'll be fine.
You've lost me,$100k is a gross of $1923 per week.

On 100k tax will be approx 26k.

Bands are

0-- 6k 0%

6--34K 15%

34--80K 30%

80-- 180K 40%

plus medicare levy of 1.5%

If the poster works on a take home of $1350 a week they will be OK,it should be slightly more than that.
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Old Jul 6th 2008, 5:31 am   #5
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Default Re: tax again....

Quote:
Originally Posted by geordie downunder View Post
You've lost me,$100k is a gross of $1923 per week.

On 100k tax will be approx 26k.

Bands are

0-- 6k 0%

6--34K 15%

34--80K 30%

80-- 180K 40%

plus medicare levy of 1.5%

If the poster works on a take home of $1350 a week they will be OK,it should be slightly more than that.
On top of that there may be welfare payments,I have no idea what they are,centrelink website would be the one to go to.
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Old Jul 6th 2008, 5:32 am   #6
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Default Re: tax again....

Hi Anne Marie,

Relatively straight forward the calculate tax. The calculators above will help you.

What I want to share is something different. Living in Sydney can be expensive especially where you live in sydney. Father than downtown cheaper it gets obviously. It depends on what lifestyle you have.

Also, Dont know your citizenship and pardon me if you are just moving to SYdney from somewhere within AU - then I dont need to tell you much about it. But anyways, you can claim living away from home allowance too....

So all in all just need to consult a good tax consultant to check your tax deductions too. But have to remember any tax concessions will be at the end of year. So the cash flow month on month needs to be managed in that net income per month.

Just an idea, renting in downtown Sydney say 2 bedroom apartment can cost anything between 400-600+ a week depending on taste. Living away from Downtownt hat can be 350-450 a week. Even groceries and all that are expensive in downtown that suburbs. You can rent a house a bit away from downtown ( 30 minutes train trip one way) for around 400$ a week.

Hope that helps.
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Old Jul 6th 2008, 5:36 am   #7
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Default Re: tax again....

Ooops. You're right, I typed in the gross instead of the net .

$100k pa is $1923 gross per week. On that, you pay $530 tax which will net $1393 per week (according to the ATO calculator).
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Old Jul 6th 2008, 6:38 am   #8
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Default Re: tax again....

Quote:
Originally Posted by neilk View Post

Also, Dont know your citizenship and pardon me if you are just moving to SYdney from somewhere within AU - then I dont need to tell you much about it. But anyways, you can claim living away from home allowance too....
Not always true, you need to be "living away from home" in order to do that.
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Old Jul 6th 2008, 11:35 am   #9
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Default Re: tax again....

Yup - so you should have a home at the place where you move from.....
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Old Jul 6th 2008, 12:38 pm   #10
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Default Re: tax again....

Quote:
Originally Posted by neilk View Post
Yup - so you should have a home at the place where you move from.....
Its a spouse visa she has (her huubby is an Oz citizen) so no option for any entitlement to LAFHA there.

Tax tables at http://www.ato.gov.au/content/downlo...07-05-2007.pdf are the quickest way for looking up your net pay after tax.
Monthly net pay after tax for a gross of 100K p.a. is about $5,900
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Old Jul 6th 2008, 1:07 pm   #11
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Default Re: tax again....

my hubby on 99K incl 9% super after tax about 5800 a month, hope this helps
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Old Jul 6th 2008, 4:09 pm   #12
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Default Re: tax again....

not sure how that calulator works it out as im going over on 52861 and it calculated i will be taked 880 pm. However if the bracket is 30% that works out as 1321??

confused

also what is medicare levy? can someone explain it please

cheers
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Old Jul 6th 2008, 8:18 pm   #13
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Default Re: tax again....

Quote:
Originally Posted by neilk View Post
But have to remember any tax concessions will be at the end of year. So the cash flow month on month needs to be managed in that net income per month.
neilk..... are you sure on this. i thought i read that they can be divided up over the year!!!!!!!!!!!

thanks everyone for your replys. its good to hear from someone familiar with the country. i kinda had worked it out similar but needed to be sure what kind of dollars to expect. we are hoping to move over from ireland and will be staying with the hubbys dad in tempe until we get on our feet. have our eye on the gymea/sutherland area. the husband is a civil engineer and has not found a job yet. got offers from perth but holding out for sydney. we are really worried about the cost of living in sydney, and are afraid that we might struggle there, but we are willing to take a cut in wages for a better quality of life for the kids.

we were planning to move 2 years ago but couldnt sell the house so we're just gonna take the bull by the horns now before life passes us by....

thanks again, anne marie
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Old Jul 6th 2008, 8:31 pm   #14
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Default Re: tax again....

Anne,

No tax consultant. THats what I felt...you can contact a tax consultant. I am sure there are some around where your residence is.

thanks.
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