Frogger

hi all,

New to this forum so apologies for posting on what is possibly a well worn subject but just want some confirmation really.

I have been offered a position in Sydney (CBD) with a salary level at $115k and equating this to my current salary in London of £60k. In terms of buying power would this be a little light? - I've seen figures of around x2.5 mentioned on other forums, and trying to figure out if this is the case.

We are a family of five and would be coming on a 457 visa which I understand would make me liable to pay school fees of approx $4,500 for my eldest who is 6, so would need to take this in to consideration too.

appreciate any thoughts - thanks v much

TakenThePlunge

I'd suggest it was a little light, especially with you having to fund school fees out of that.

Bermudashorts

The salary won't have the same buying power as your UK salary. But it might be that $115k is the going rate for your occupation. My OH's occupation pays a bit less here too. Have you done some research on market rates?

Beoz

What do you currently earn in the UK?

Bermudashorts

He earns GBP60k

Beoz

Ah mis read that figure. Yeah I'd be hitting them up for another 10% to feel comfortable

Frogger

thanks v much for your replies.

Have done a bit more research and also would need to take in to account tax rate for non-residents (ie taxed on every $ earned / no personal allowance) which is going to mean a heaftier income tax bill.
With school fees of $4,500 per child on a 457 visa $115k salary will definitely come in under the equivalent buying power in the UK even at 2x income multiple.

bitzenpces

Don't forget about healthcare costs, which can be high here. See the other thread about braces - although your kids are probably too young for braces, even check-ups and cleaning can cost a small fortune.

Frogger

thanks - will check out that thread

NickyC

457 visa holders are classed as residents for tax purposes. You will be taxed the same as anyone else who lives here - i.e. you will get the personal allowance.

Frogger

thanks - have just confirmed on the ATO website

paulry

The rule of thumb 2.5 value is about right

Beoz

...... and soon we can say the exchange rate is about right

paulry

Indeed!

BadgeIsBack

60GBP is better than 115. If anything 115k is more like 40k - if that. No real methology on that one, to be honest....

but you won't catch me using FX rates!