Stoppages - Tax, Super etc
Sep 1st 2005, 1:08 pm
#1
Forum Regular
Thread Starter
Joined: Aug 2004
Location: Gold Coast.
Posts: 147
Stoppages - Tax, Super etc
Can anyone please give an estimate on what you lose going from gross to net wages in Queensland?
Obviously in the UK we lose about 1/3 on tax and NI contributions and just wondered how it'll be in QLD.
Thanks
Keebs
Obviously in the UK we lose about 1/3 on tax and NI contributions and just wondered how it'll be in QLD.
Thanks
Keebs
Sep 1st 2005, 1:41 pm
#2
Joined: Feb 2004
Posts: 1,277
Re: Stoppages - Tax, Super etc
Hello,
Income tax should be the same everywhere in Aus. The only thing to watchout for is the employer may include the employer super payment as part of the package (whereas this does not happen in the UK.
The following is a comparison of PAYE and PAYG single income no family. It gets to complicated to compare beyond that.
A
Income tax should be the same everywhere in Aus. The only thing to watchout for is the employer may include the employer super payment as part of the package (whereas this does not happen in the UK.
The following is a comparison of PAYE and PAYG single income no family. It gets to complicated to compare beyond that.
A
Code:
Inc Inc UKTax UK% AUTax AU% AUTax UKNet AUNet Diff Diff (£) ($) (£) (£) (£) (£) ($) 5,000 12,000 91 1.8% 845 7.0% 352 4,909 4,648 261 652 10,000 24,000 1,503 15.0% 3,324 13.9% 1,385 8,497 8,615 -118 -296 15,000 36,000 3,153 21.0% 7,200 20.0% 3,000 11,847 12,000 -153 -383 20,000 48,000 4,803 24.0% 10,980 22.9% 4,575 15,197 15,425 -228 -571 25,000 60,000 6,453 25.8% 15,360 25.6% 6,400 18,547 18,600 -53 -133 30,000 72,000 8,103 27.0% 19,500 27.1% 8,125 21,897 21,875 22 54 40,000 96,000 11,593 29.0% 30,180 31.4% 12,575 28,407 27,425 982 2,456 50,000 120,000 15,693 31.4% 40,860 34.1% 17,025 34,307 32,975 1,332 3,331 60,000 144,000 19,793 33.0% 52,490 36.5% 21,871 40,207 38,129 2,078 5,196 70,000 168,000 23,893 34.1% 64,370 38.3% 26,821 46,107 43,179 2,928 7,321 80,000 192,000 27,993 35.0% 76,250 39.7% 31,771 52,007 48,229 3,778 9,446 90,000 216,000 32,093 35.7% 88,130 40.8% 36,721 57,907 53,279 4,628 11,571 100,000 240,000 36,193 36.2% 100,010 41.7% 41,671 63,807 58,329 5,478 13,696 Notes: This is a simple comparison of tax on income. It does not take into account deductable items or tax offsets in either country (except Oz low income offset). Medicare included, including the high-earners medicare levy (based on a single person - i.e. $50,000 threshold - You can change this in rate sheet if you are married and sole income earner). UK tax would be slightly lower if income is from savings Calculations do not include any consideration of CGT which has tax advantages in both countries. I have not included the NI exemptions for people earning less than £4732/year (£91/w) I have not included employers contributions to super/pensions (currently 9% in Oz and 12.8% in UK)
