Salary & taxes

Old Mar 11th 2003, 5:15 pm
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Cool Salary & taxes

I am currently looking for work in Perth before I go out there to live shortly. I remember a thread from a while ago about how companies advertise their wages and some provide gross figures and others after certain taxes are taken off. I have tried a search on the forum but cant find it!!

Can anyone shed any light on this and maybe point out any pitfalls to be aware of?

Also, is there a rough figure I can use to convert gross salary to what you'll take home after income tax etc? Not too concerned about detail but is it 50%, 40% etc etc

Thanks in advance
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Old Mar 11th 2003, 9:37 pm
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Default Re: Salary & taxes

Originally posted by mandandbri
I am currently looking for work in Perth before I go out there to live shortly. I remember a thread from a while ago about how companies advertise their wages and some provide gross figures and others after certain taxes are taken off. I have tried a search on the forum but cant find it!!

Can anyone shed any light on this and maybe point out any pitfalls to be aware of?

Also, is there a rough figure I can use to convert gross salary to what you'll take home after income tax etc? Not too concerned about detail but is it 50%, 40% etc etc

Thanks in advance
The main pitfall is if they quote a salary which includes superannuation. For example, my wife went to one interview where she was told the salary was $60k, but later she found out this included employers superannuation contributions at 7%, so the real gross salary was $55,800, which was less than the $57k 'plus super' offering at another place which she previously thought was a lower paid job!
Just be look out for 'including super' or 'plus super'.
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Old Mar 11th 2003, 9:54 pm
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Also watch out for the general term 'benefits' the job may include medical and other such perks and sometimes they include this in the advertised salary. Obviously all perks but the cost difference on real gross can make a difference between one job and another.

For calculating net salary try here

http://www.ato.gov.au/scripts/taxcal...ndard_hire.asp

as the bandings for tax in Aus make a simple % calculation difficult.

Cheers
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