LAFHA - How do i calculate it ?????
#76
Re: LAFHA - How do i calculate it ?????
help!!!
I have a 457 visa app in progress.
I hope and pray it goes through!
My salary will be $43440 (min salary for my role as per 457 requirements)
I will pay $250 p/w poss $300 p/w (as may increase) for my parnter and I to live in a 2 bed apartment.
May claim food allowance for both of us as would help too.
I am here on 417 working holiday visa, and am classed as a resident for tax purposes. Would claiming lafha affect this? or not?
Does anyone have an excel document like the one I saw someone had created prev to try and calculate it, or could some lovely person do this for me??
I have a 457 visa app in progress.
I hope and pray it goes through!
My salary will be $43440 (min salary for my role as per 457 requirements)
I will pay $250 p/w poss $300 p/w (as may increase) for my parnter and I to live in a 2 bed apartment.
May claim food allowance for both of us as would help too.
I am here on 417 working holiday visa, and am classed as a resident for tax purposes. Would claiming lafha affect this? or not?
Does anyone have an excel document like the one I saw someone had created prev to try and calculate it, or could some lovely person do this for me??
#77
Re: LAFHA - How do i calculate it ?????
I dont think you can get LAFHA while on a WHV.
When you get your 457 you should be able to get LAFHA, if your employer offers it.
LAFHA is administered through a Salary Sacrifice arrangement. I believe the ATO requires a minimum amount of salary to be taken as cash which used to be around $35,000 pa (may be higher now). If this is the case, the most you could salary sacrifice is $8440 pa.
If you did get that much LAFHA then your tax bill (based on your salary) would be about $100/fortnight LESS than if you did not have the LAFHA.
When you get your 457 you should be able to get LAFHA, if your employer offers it.
LAFHA is administered through a Salary Sacrifice arrangement. I believe the ATO requires a minimum amount of salary to be taken as cash which used to be around $35,000 pa (may be higher now). If this is the case, the most you could salary sacrifice is $8440 pa.
If you did get that much LAFHA then your tax bill (based on your salary) would be about $100/fortnight LESS than if you did not have the LAFHA.
help!!!
I have a 457 visa app in progress.
I hope and pray it goes through!
My salary will be $43440 (min salary for my role as per 457 requirements)
I will pay $250 p/w poss $300 p/w (as may increase) for my parnter and I to live in a 2 bed apartment.
May claim food allowance for both of us as would help too.
I am here on 417 working holiday visa, and am classed as a resident for tax purposes. Would claiming lafha affect this? or not?
Does anyone have an excel document like the one I saw someone had created prev to try and calculate it, or could some lovely person do this for me??
I have a 457 visa app in progress.
I hope and pray it goes through!
My salary will be $43440 (min salary for my role as per 457 requirements)
I will pay $250 p/w poss $300 p/w (as may increase) for my parnter and I to live in a 2 bed apartment.
May claim food allowance for both of us as would help too.
I am here on 417 working holiday visa, and am classed as a resident for tax purposes. Would claiming lafha affect this? or not?
Does anyone have an excel document like the one I saw someone had created prev to try and calculate it, or could some lovely person do this for me??
#78
Re: LAFHA - How do i calculate it ?????
I dont think you can get LAFHA while on a WHV.
When you get your 457 you should be able to get LAFHA, if your employer offers it.
LAFHA is administered through a Salary Sacrifice arrangement. I believe the ATO requires a minimum amount of salary to be taken as cash which used to be around $35,000 pa (may be higher now). If this is the case, the most you could salary sacrifice is $8440 pa.
If you did get that much LAFHA then your tax bill (based on your salary) would be about $100/fortnight LESS than if you did not have the LAFHA.[/QUOTE]
Not entirely sure I agree with you Jayr, its not a salary sacrifice, it is a tax concession for those who work away from home, not just 457 but anybody who is a tax resident of Australia.
To the OP the mininum amount of salary is that set by the ATO for your trade/occupation or an agreed level by them. The LAFHA is based on your weekly rental and a set food component (e.g. for 2 adults and 1 child its 37o pw) Where are you intending to live/work?
When you get your 457 you should be able to get LAFHA, if your employer offers it.
LAFHA is administered through a Salary Sacrifice arrangement. I believe the ATO requires a minimum amount of salary to be taken as cash which used to be around $35,000 pa (may be higher now). If this is the case, the most you could salary sacrifice is $8440 pa.
If you did get that much LAFHA then your tax bill (based on your salary) would be about $100/fortnight LESS than if you did not have the LAFHA.[/QUOTE]
Not entirely sure I agree with you Jayr, its not a salary sacrifice, it is a tax concession for those who work away from home, not just 457 but anybody who is a tax resident of Australia.
To the OP the mininum amount of salary is that set by the ATO for your trade/occupation or an agreed level by them. The LAFHA is based on your weekly rental and a set food component (e.g. for 2 adults and 1 child its 37o pw) Where are you intending to live/work?
#79
Re: LAFHA - How do i calculate it ?????
Is this what you wanted???
help!!!
I have a 457 visa app in progress.
I hope and pray it goes through!
My salary will be $43440 (min salary for my role as per 457 requirements)
I will pay $250 p/w poss $300 p/w (as may increase) for my parnter and I to live in a 2 bed apartment.
May claim food allowance for both of us as would help too.
I am here on 417 working holiday visa, and am classed as a resident for tax purposes. Would claiming lafha affect this? or not?
Does anyone have an excel document like the one I saw someone had created prev to try and calculate it, or could some lovely person do this for me??
I have a 457 visa app in progress.
I hope and pray it goes through!
My salary will be $43440 (min salary for my role as per 457 requirements)
I will pay $250 p/w poss $300 p/w (as may increase) for my parnter and I to live in a 2 bed apartment.
May claim food allowance for both of us as would help too.
I am here on 417 working holiday visa, and am classed as a resident for tax purposes. Would claiming lafha affect this? or not?
Does anyone have an excel document like the one I saw someone had created prev to try and calculate it, or could some lovely person do this for me??