chris and farideh

We are citizens we have a mortgage, but I spend $200 a month on the train & around $100 on petrol for the car, my hubby work away from home, so I'm giving you what we spend without DH.
I pay on monthly basis insurance for the house $90,
gas $20 which is use for cooking only.
Electricity $150 pm, foxtel $117, phone$120 landline, mobile on contract for 4 $200 pm, shopping around $1200 some times a bit more.
Mortgage which is about $2000, then we have council tax which is around $200 pm & water around $100pm.
pool around $50-100.
Not including other health insurance & car rego, insurance.
It all adds up so quickly, I think food shopping is cheaper in qld according to my OH.

chrissystevo

Colonel,

Just sent you a PM regarding LAFHA

EvannTel

Wow! Some of those bills are eye watering and they say WA is expensive!
I think some of the quotes in here are way higher than they have to be.

man777

HI Colonel,

see if this works for you...

http://www.communitysalarypackaging....7/Default.aspx

colonel

Hi,

It says at the bottom of that webpage:

"employees who work for PBI's or Health Promotion Charities"

I am potentially being employed by a private companies...would this still be applicable ?

man777

I am not sure about that but if you use basic tax guidelines tha i tlooks okay.

I am not sute but prople who have moved recently or in the near past, could probably help more with a good calculation based on LAFHA amouint and total salary figure. Could I ask people who are already paying taxes in Australia to please put a simple calculation to help Colonel and others, I am due to move next year!!

man777

HI Colonel, Try this, might be helpful, not sure but if you have lafha, see if it works.

chrissystevo

Man777

Assume a gross salary of $120,000 on a 457 Visa. Rent being $550 per week and food allowance of $463 per week (2 adults and 3 children). Net salary would be $120,000 - (52x$550) - (52x$463) = $67,324. PAYG tax would be:

$0 - $6,000 = Nil
$6,001 - $37,000 @ 15c/$ = $4,650
$37,001 - $80,000 @ 30c/$ = $12,900
$80,001 - $120,000 @ 37c/$ = $14,800

Total tax = $32,350

Net income will be $34,974 ($67,324 - $32,350) + $24,076 + $28,600 = $87,650 PA or $3,371.15 per fortnight.

The food and rent allowances of the LAFHA are deducted from your gross wage, tax is taken from the net and then the food and rent allowance is paid to you gross.

man777

Thanks Chris,

But I think if the taxable income is 67000, you should apply tax only on that amount and add the lafha after that to work out net montly, am I missing something???/

man777

In fact my estimate is that for someone on 130000 without super and with 45k lafha would get about 9216.666667
per month. I have used latest ato calculator and lots of website information to arrive at this and some of other guys on BE have previously suggested this sort of figure is just about right..

chrissystevo

Well done man777, you spotted my deliberate mistake

$120,000 gross less $24,076 food allowance less $28,600 rent allowance = $67,324 net wage.

PAYG tax would be:

$0-$6,000 = Nil
$6,001 - $37,000 @ 15c/$ = $4,650
$37,001 - $67,324 @ 30c/$ = $9,097.20

Total tax = $13,747.20

$67,324 - $13,747.20 = 53,576.80 + $24,076 + $28,600 = $106,252.80/26= 4,086.65 per fortnight

man777

Colonel, Try this, may be helpful...

man777

sorry the link is here

http://www.paycalculator.com.au/

colonel

@ man777: an excellent spreadsheet....however, the net monthly take home is different to chrissystevo's calculations ?

I have worked it out differently because our 12 year old is actually an adult and hence, entitles us to more allowance !

3 adults and 2 children = $529 for food allowance
Rent = $550
Total LAFHA = $56,108.....so, using the spreadsheet...I make it:



Happy days....just need to accurately work out outgoings again...

man777