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Re: Average Monthly Bills
Originally Posted by skinnygeorge
(Post 7296535)
We have settled 40kms South of Brisbane.There are alot of `Towns` expanding along the Pacific highway and a lot of new factories and units springing up.Our rent is $1500 a month for a 4 bed,With family assistance You also get a bit of help with the rent,We get $375 every two weeks.Car insurance $375 fully comp a year,contents $480.And We spend about £350 a week on food,Though some of that is odds and ends for the house and that adds up.Ant spray/powder,household cleaners etc it all adds up.A 2nd hand Car 10 years old will cost near $3000,rego $400 a year,2 Kids at a state school $1000 just to get them started(uniforms & books).Driving license $70 for a 5 year,So keep a bit put by.
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Re: Average Monthly Bills
I told them I was unemployed and had earned about £20,000 since 1st April in the UK,They then asked what I would earn up to July and I guessed about $A20,000.I think the cut off maybe $A150,000 joint earnings.Someone out there may know better.I did`nt think with so much in the bank We would get a thing,But they did`nt even ask about savings.
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Re: Average Monthly Bills
i've just applied for family asistance (over the phone) and was told to estimate earning from Jan to july ( we arrived Jan) but then I got a further phonecall to say they thought my estimate was to low and have to include what we earned in UK from last July :confused: had never been aware we had to do that, has anyone else
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Re: Average Monthly Bills
Yep,After every phone call,We thought thats that,then they would call or send a letter to ask for something else.We phoned at first but then filled in a form,Then went to a Centrelink office with kids birth certificates,passports and rental agreement if applying for rent assistance.Had some confusion over TFN but think is sorted,Don`t know if money has gone in yet either.
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Re: Average Monthly Bills
Originally Posted by wardy2
(Post 7297461)
have to include what we earned in UK from last July :confused: had never been aware we had to do that, has anyone else
You best bet is to migrate in July, that way you have no, or minimal, UK earnings in the relevant year. |
Re: Average Monthly Bills
Originally Posted by jayr
(Post 7296538)
On theincome thing I assumed $30/hour for 40 hrs/week for 50 weeks a year to be $60k. That would cover (in theory) your annual paid leave as well.
See the attached for a tax calculator; ignore the LAFHA bit unless you are going to be on a 457 visa. Note super is normally 9%; some salaries are quoted inclusive of super, some are exclusive. |
Re: Average Monthly Bills
Thanks, just looked at the ATO guidelines again and it seems my calc is incorrect (being on the low side).
Food and drink amount of $42/adult and $21/child seems to be the amount assumed to be spent in the original location and therfore that amount gets taxed. The actual amount provided by the employer as compensation, in your case $370, appears to be FBT free. If the $370 is for ADDDITIONAL costs then there would seem to be no tax on it. IF it is for total costs then you need to remove $42 adult, $21 child which WILL be taxed leaving the rest tax free. The amount of comepnsation allowed (in your case $370) seems to have guidelines too which I will look into.
Originally Posted by paddyo
(Post 7300148)
J The LAFHA sums for Food do not seem to add up correctly, it should be a different figure. I think your weekly rate is too low, ours is altogether $370 (2 adults and 1 child) which is an annual figure of $19240, nearly 4 times what your tool comes up with.
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Re: Average Monthly Bills
Originally Posted by skinnygeorge
(Post 7297352)
Someone out there may know better.I did`nt think with so much in the bank We would get a thing,But they did`nt even ask about savings. The interest on your savings is counted as income for centerlink benefits, as is all australian and worldwide income. At the end of tax year your centerlink payments are adjusted from your estimated income to actual income, and are adjusted accordingly. Centerlink and the Australian Tax dept have direct access to your interest details. Its best to keep income estimates very accurate or you get a bill for overpayment at end of year. We got a bill in 2008 for a tiny overpayment from 2004, and it wasnt even our error, theirs but they still sent letter of demand for it back. |
Re: Average Monthly Bills
1 Attachment(s)
I think this might work better for LAFHA.
I have taken the most current REASONABLE FOOD COMPONENT from ATO. I have assumed that includes the statutory amounts of $42/adult and $21/child which ARE taxed and further assuemd that amount is taxed at the FBT rate of 46.5%. The remainder is then the EXEMPT allowance and free of FBT and income tax. I no longer receive FBT so cant test this against my own salary so feedback would be useful. |
Re: Average Monthly Bills
Cheers mate, good work!!
Originally Posted by jayr
(Post 7300364)
I think this might work better for LAFHA.
I have taken the most current REASONABLE FOOD COMPONENT from ATO. I have assumed that includes the statutory amounts of $42/adult and $21/child which ARE taxed and further assuemd that amount is taxed at the FBT rate of 46.5%. The remainder is then the EXEMPT allowance and free of FBT and income tax. I no longer receive FBT so cant test this against my own salary so feedback would be useful. |
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