chrissystevo

Hi All,

I have been offered a job with a gross salary of $68,000 PA plus mediacal insurance of $4,300 PA. Assuming I get LAFHA what would the net salary be?

Any rough ideas would help me to look at rental properties.

Many thanks

comet555

Can't answer that, bu I will point out you'd also need to know if that gross salary includes the 9% super contribution from your employer.

Also, I presume this would be on a temp visa.

chrissystevo

I am being employed on a 457 visa. The package is $68,000 PA +9% Super + $4,300 medical insurance.

If it helps I have assumed we will be looking at rental prices of between $450 - $750 p/w.

Thanks

Grayling

Look here

http://www.ato.gov.au/individuals/pa...tp#001_002_046

That sort of rent is going to take up a huge part of your take home pay.

G

comet555

I can't answer your question, I have no idea how they calculate LAFHA. I would make sure it's in your job offer though as some employers mention they can do it but then later change there mind.

I'll have a search on here and see if I can find the discussions with calculators that will help you.

Where on earth are you moving to? I can't imagine spending $750 a week on rent on that income. What sort of place are you hoping to live in?

chrissystevo

Ignoring LAFHA I've calculated:

$68,000 = $4,450 + ($34,000 x 0.30) = $14,550

Medicare levy 1.5% of $68,000 = $1,020 + $14,550 = $15,570.

Net salary = $1,008 p/w.

Rent of $400 = $600p/w to live on. Possible?

comet555

How will you be getting to work, will you have a car or be taking the bus/train?

If you're taking public transportation you'll have to look up how much it'll cost as it varies depending on how far you're travelling (at least in Brisbane anyway).

Also.... will you be getting any of the following:
-cable/satellite tv
-home phone or mobile phone
-electricity (probably not included in the rental as far as I know)
-gym membership
-entertainment (movies, rentals, sports events, etc)
-dining out


Also... is this salary covering just you or are you married with kids etc? It's difficult to answer this question until you answer that. What city are you going to, as some are more expensive than others.

looky

If you are getting a wage of AU$68,000 before tax and seeing you mentioned a rent of $450 to $750 per week I assume you have a partner and kid/kids, that wage alone would be very tight for a family to live on. A rental price of $450 to $750 is higher than an average rental per week of $250 to $300.

I am not sure how LAFHA is calculated, I assume its similar to salary packaging where that LAFHA amount is taken out of the wage before tax (thus tax free and lowering your overall income tax)? If so, depending on the amount of LAFHA, that might increase the liveability of $68K wage per annum.

Also in regards to your proposed location, it sort of evens out somewhat no matter if its in the capital cities or regional to remote towns as rent is higher in the city but food is more expensive away from the city. Also service providers would be more limited as you move away from the city so you end up with prices higher than average (for example: Fuel, internet, clothes, trades and any other amenities you can think of). Public transport is limited in regional or remote areas so having a car is essential. Although if you live in a small remote town you could probably walk everywhere within the town itself, but its just within the town as you would go mad if you don't get out of that town regularly so again a car or regular flight costs are required.

chrissystevo

Will be moving to Brisbane.

Wife & 2 kids (9 & 6).

Haven't included wifes wage as she hasn't got a job lined up yet but will be looking to get some work in gyms. She is a personal trainer and currently teaches fitness classes such as Body Combat, Body Pump, pilates, Boxing circuits, aerobics etc. I assume she should be able to get some work somewhere.

So working on my $68,000 ignoring LAFHA, net around $1,010 p/w. Does this sound about right?

Looking a living somewhere within realistic public transport distance of CBD - have been looking at Indooroopilly, Kenmore etc. 3-4 bed house around $450p/w.

I am working on food $250p/w, electricity $50p/w, phone/internet $20p/w, cable tv $50 p/w, eating out $100p/w, car (rego & ins) $1,200 p/a, contents ins $500 p/a, school fees, uniforms etc $1,000p/a

BadgeIsBack

I would have thought it would be less than 1010pw net.

Actually, your costs down the bottom seem about right.