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Am I seeing things????????

Am I seeing things????????

Old Sep 2nd 2004, 8:37 pm
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Default Am I seeing things????????

Just looked at the Australian Tax Office (ATO) site ,income tax seems really high!!Not sure what the deductions would be for husband earning 45k plus wife earning 30k , 3 dependent children ,plus mortgage deduction,anyone any ideas what the take home pay might be . Don't want to land in the poor house in Oz,hoping for a step up in lifestyle.
Is there an allowance for childminders??
Thanks in advance
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Old Sep 2nd 2004, 8:45 pm
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What's happening dudes?
 
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Default Re: Am I seeing things????????

Originally Posted by francesduggan
Just looked at the Australian Tax Office (ATO) site ,income tax seems really high!!Not sure what the deductions would be for husband earning 45k plus wife earning 30k , 3 dependent children ,plus mortgage deduction,anyone any ideas what the take home pay might be . Don't want to land in the poor house in Oz,hoping for a step up in lifestyle.
Is there an allowance for childminders??
Thanks in advance
Top tax bracket is higher than UK. Have a look at the ATO Simple Tax Calculator
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Old Sep 2nd 2004, 8:52 pm
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Default Re: Am I seeing things????????

THANKS WMOORE,it was that site that made me wonder if it is worth while going at all.I have just taken a year off to re-train and was looking forward to getting back to some cash,but jeeze , I'm tired of being poor
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Old Sep 2nd 2004, 9:00 pm
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Default Re: Am I seeing things????????

Got to consider a number of factors not just basix tax.
For example UK VAT 17.5%
Aus GST 10%
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Old Sep 2nd 2004, 9:01 pm
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Default Re: Am I seeing things????????

Originally Posted by francesduggan
THANKS WMOORE,it was that site that made me wonder if it is worth while going at all.I have just taken a year off to re-train and was looking forward to getting back to some cash,but jeeze , I'm tired of being poor
Well I'm no expert but reading on here, it seems that if financial gain is a priority, go the US, not Oz

I think with 3 kids in tow, $75k might leave you short unless you can take a big lump with you from a house sale or similar. Some of the ex-pats living in Oz will be awake soon and they will be able to offer you better advice than I can.

Search for a thread on here by HEVS titled "Living the dream, mortgage free". Don't mean to dampen your spirits but that might be an eye-opener

Here it is: Living the dream mortgage free

Last edited by wmoore; Sep 2nd 2004 at 9:03 pm. Reason: to add the URL
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Old Sep 2nd 2004, 9:11 pm
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Default Re: Am I seeing things????????

Originally Posted by francesduggan
Just looked at the Australian Tax Office (ATO) site ,income tax seems really high!!Not sure what the deductions would be for husband earning 45k plus wife earning 30k , 3 dependent children ,plus mortgage deduction,anyone any ideas what the take home pay might be . Don't want to land in the poor house in Oz,hoping for a step up in lifestyle.
Is there an allowance for childminders??
Thanks in advance
Australia is not a low tax country.

You had better check out childminder costs as well as they are also high.

Good luck

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Old Sep 2nd 2004, 9:20 pm
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Default Re: Am I seeing things????????

Just sat on my rose tinted glasses!!!!!!!!!!!Opp
Its not getting any better.
Thanks for the help.
Anyone have an idea of mortgage relief?? No use not having a mortgage free house if tax allowances are against you.
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Old Sep 2nd 2004, 9:24 pm
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Default Re: Am I seeing things????????

Originally Posted by francesduggan
Just sat on my rose tinted glasses!!!!!!!!!!!Opp
Its not getting any better.
Thanks for the help.
Anyone have an idea of mortgage relief?? No use not having a mortgage free house if tax allowances are against you.
As far as I know there is no mortgage relief.

Someone with a mortgage may know better.

There are child benefits though and I think housing benefit but these are all means tested (I think).

Good luck

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Old Sep 2nd 2004, 9:45 pm
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Default Re: Am I seeing things????????

Originally Posted by francesduggan
Just sat on my rose tinted glasses!!!!!!!!!!!Opp
Its not getting any better.
Thanks for the help.
Anyone have an idea of mortgage relief?? No use not having a mortgage free house if tax allowances are against you.
I lived in Oz for 12 years- there ain't no mortgage relief. However, first homebuyers do get a discount (not much). But you're not seeing things - after you've taken off tax, don't forget compulsory pension contributions as well! BTW, $80k would be considered a good income in Oz. How families manage on that is beyond me.
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Old Sep 2nd 2004, 9:47 pm
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Default Re: Am I seeing things????????

Originally Posted by wmoore
Top tax bracket is higher than UK. Have a look at the ATO Simple Tax Calculator
The thresholds are also lower than the UK meaning you pay more in a lower income. Don't forget the 1.5% medicare levy.
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Old Sep 2nd 2004, 10:50 pm
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Default Re: Am I seeing things????????

Originally Posted by Bix
Got to consider a number of factors not just basix tax.
For example UK VAT 17.5%
Aus GST 10%
Also ...

UK National Insurance (on top of income tax) - 11% for most people
No equivalent in Australia other than the Medicare levy, normally 1.5%.

Jeremy
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Old Sep 2nd 2004, 10:54 pm
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Default Re: Am I seeing things????????

Originally Posted by MikeStanton
I lived in Oz for 12 years- there ain't no mortgage relief. However, first homebuyers do get a discount (not much). But you're not seeing things - after you've taken off tax, don't forget compulsory pension contributions as well! BTW, $80k would be considered a good income in Oz. How families manage on that is beyond me.


Compulsory pensions contributions?????? The employer pays that not the employee.

PLus with 3 kids you would be entilted to Family assistance
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