a tax question..

Closed Thread Subscribe

Thread Tools

Jun 23rd 2010, 9:52 pm

aston

Account Closed

Thread Starter

Joined: May 2006

Posts: 786

aston is an unknown quantity at this point

a tax question..

if a persons salary was 70k plus super,could you tell me exactly what your take home pay would be..

thanks..

brum

Jun 24th 2010, 1:30 am

katietops01

Forum Regular

Joined: Apr 2007

Location: Gold Coast

Posts: 90

Re: a tax question..

There are too many variables for anyone to answer this. Try here: http://www.ato.gov.au/scripts/taxcalc/calculate_tax.asp and you can fill in your personal circumstances to make it more accurate.

Jun 24th 2010, 4:33 am

ABCDiamond

Guest

Posts: n/a

Re: a tax question..

Quote:

Originally Posted by brummy

if a persons salary was 70k plus super,could you tell me exactly what your take home pay would be..

thanks..

brum

Taxable Gross $70,000.00
Tax $14,550.00
Medicare $1,050.00
Low Income Tax Offset $0.00

Annual Net $54,400.00

Weekly Net $1,046.15

Jun 24th 2010, 6:28 am

roaringmouse

BE Forum Addict

Joined: Dec 2008

Posts: 3,396

roaringmouse has a reputation beyond repute

Re: a tax question..

The ATO tax tables would help to give a more exact answer.

Jun 24th 2010, 7:05 am

ABCDiamond

Guest

Posts: n/a

Re: a tax question..

Quote:

Originally Posted by ABCDiamond

Taxable Gross $70,000.00
Tax $14,550.00
Medicare $1,050.00
Low Income Tax Offset $0.00

Annual Net $54,400.00

Weekly Net $1,046.15

Quote:

Originally Posted by roaringmouse

The ATO tax tables would help to give a more exact answer.

The tax tables give an approximate figure, for manual payrolls. It is very close, but not exact, eg: anyone earning $1,345 to $1,348 pw will all pay $301pw in deductions. But this difference will be sorted out at the end of the year, when the tax return is done.

Computerised payrolls use a different formula.

Per Manual tax tables:
$1,346.15 Gross weekly
$ 301.00 Deductions
$1,045.15 Net weekly

But then at the end of the year, it will be recalculated exactly, and you will get that $1 pw back

Jun 24th 2010, 7:27 am

roaringmouse

BE Forum Addict

Joined: Dec 2008

Posts: 3,396

Re: a tax question..

Quote:

Originally Posted by ABCDiamond

Per Manual tax tables:
$1,346.15 Gross weekly
$ 301.00 Deductions
$1,045.15 Net weekly

Or $303 deductions weekly if there is leave loading. Both figures presuming the tax-free threshold is being used.

Jun 24th 2010, 7:37 am

ABCDiamond

Guest

Posts: n/a

Re: a tax question..

I've not come across people on annual salaries with leave loading, for a long time. It does seem to be something for the hourly paid people these days.

Jun 24th 2010, 8:51 am

Pollyana

Home and Happy

Joined: Dec 2002

Location: Keep true friends and puppets close, trust no-one else...

Posts: 93,810

Re: a tax question..

Quote:

Originally Posted by ABCDiamond

I've not come across people on annual salaries with leave loading, for a long time. It does seem to be something for the hourly paid people these days.

Qld Govt get it, gets paid out once a year in a lump sum though.

Jun 24th 2010, 9:34 am

ABCDiamond

Guest

Posts: n/a

Re: a tax question..

Quote:

Originally Posted by Pollyana

Qld Govt get it, gets paid out once a year in a lump sum though.

Government employees get everything going... can't complain though...

Jun 28th 2010, 1:49 pm

#10

breezeboylan

BE Forum Addict

Joined: May 2004

Location: Tapping, Perth

Posts: 1,586

breezeboylan is a splendid one to behold

Re: a tax question..

Quote:

Originally Posted by ABCDiamond

I've not come across people on annual salaries with leave loading, for a long time. It does seem to be something for the hourly paid people these days.

OH and I are both on annual salaries and get leave loading. Both in government jobs.

Tracie

Jun 28th 2010, 11:32 pm

#11

sassie

BE Forum Addict

Joined: Apr 2003

Location: Jacobs Ridge, Gold Coast

Posts: 1,140

Re: a tax question..

Quote:

Originally Posted by breezeboylan

OH and I are both on annual salaries and get leave loading. Both in government jobs.

Tracie

My partner and I also both get it on annual salaries and we're not in government jobs.

Jun 29th 2010, 1:13 am

#12

ABCDiamond

Guest

Posts: n/a

Re: a tax question..

Quote:

Originally Posted by sassie

My partner and I also both get it on annual salaries and we're not in government jobs.

Employees seem to be more generous than I thought they were

Jun 29th 2010, 3:30 am

#13

RenShen

BE Forum Addict

Joined: Sep 2007

Location: Helensvale - yipeeeeeeeee!!

Posts: 1,331

Re: a tax question..

What is leave loading?

Jun 29th 2010, 3:39 am

#14

Bermudashorts

Lost in BE Cyberspace

Joined: Feb 2009

Location: UK

Posts: 14,284

Bermudashorts has a reputation beyond repute

Re: a tax question..

I had to look it up recently as was mentioned in my employment contract (mentioned that I won't get it that is). Apparently it means being paid a percentage above normal salary when you take annual leave. I found it an odd concept.