opappi

Hi! I am a newbie here. I got a job offer with a major EPCM company in Perth. They will sponsor me through 457 Visa. I am not familiar about Australian taxation and the cost of living there. Anyone who is kind enough to give a rough estimate how much tax will I pay and of course my take home pay (after taxes)….the company is offering me AUD110k. I have two elementary kids and my wife will not be working. Will my take home pay be enough for us to live normally in Perth? Thanks in advance for the input.

matd81

Check out www.ato.gov.au
Under individuals there is a Tax calculator

quoll

You need to check if that is plain old salary or a package including superannuation etc. If it is money pure and simple you would be taking home about $1555 per week according to this calculator http://payrise.careerone.com.au/?ref...gtail&247SEO=N

Tax close to $30K pa

Obviously if this amount includes super then it will be less.

opappi

Thanks for the reply Quoll.
Yes, 110k inclusive of the 9% statutory superannuation.

isudiro

Have a look at the Australian taxation site http://www.ato.gov.au/

Rob D

If you are on a 457, you should get LAFHA (Living Away From Home Allowance), which means that any rent and a food element is deducted from your taxable income and therefore you effectively get tax relief. You need to agree with your employer that they will arrange all the LAFHA for you otherwise you'll have to get a salary packaging company to do it for you.

opappi

Thanks for the valuable feedbacks.

To Rob D,

What do you mean a salary packaging company? A company that will work out on my LAFHA?

Wendy&Mike

I recently did an excel sheet for my daughter for this purpose.

Just change the value in the yellow box and it does the rest. Sorry it only works on weekly pay.

Mike.

The Woodcutter

Nice one. Many thanks Mike. Very useful tool!

paddyo

Don't forget the LAFHA element, can reduce your tax and by that token increase your take home considerably!!! Thats if you have been offered/negotiated it!

paddyo

Here is one that includes LAFHA components which you can adjust as per the agreed amounts, if you have them, and is based on a generic 100k salary. I have also used an example of a Novated lease for a car if you have been offered one by your company. Enjoy!!

opappi

Thanks for the inputs guys!
Wendy&Mike, Paddyo…many thanks for the excel spreadsheets…really useful!

ozzieeagle

Thats bloody brilliant, thanks for that calculator. It's just shown me I should be putting around 120 bucks per week into super to bring my tax down to 15 pct.... Plus it helps me make sense out of the wifes salary packaging.

I owe you a beer...