superannuation and medicare
Jul 10th 2010, 6:48 am
#1
Forum Regular
Thread Starter
Joined: Jun 2010
Location: Darwin australia
Posts: 253
superannuation and medicare
Hi
looking at coming on a 457 and am confused over superannuation and medicare...
superannuation:
we are presumming it is a pensions scheme which our company is willing to pay 10% and on leaving we can claim back minus tax (presumably at 38%).
Is it worth putting personal contributions to that and what would be the cost of claiming that back when we leave... as you would in UK or would be better saving $1000 pcm in a seperate savings account and addinjg to uk pension on return??
also does it include a death in service.... if not how much is life cover in Oz.
medicare:
is that 1.5% of the cash element of the salary ....
many thanks busy doing last figures before making big decision by monday am.....
looking at coming on a 457 and am confused over superannuation and medicare...
superannuation:
we are presumming it is a pensions scheme which our company is willing to pay 10% and on leaving we can claim back minus tax (presumably at 38%).
Is it worth putting personal contributions to that and what would be the cost of claiming that back when we leave... as you would in UK or would be better saving $1000 pcm in a seperate savings account and addinjg to uk pension on return??
also does it include a death in service.... if not how much is life cover in Oz.
medicare:
is that 1.5% of the cash element of the salary ....
many thanks busy doing last figures before making big decision by monday am.....
Jul 10th 2010, 12:12 pm
#2
Guest
Posts: n/a
Re: superannuation and medicare
Superannuation is 9% of gross payroll salary, and is a compulsory payment by the employer to a super fund of your choice.
You can add more to it if you wish.
Not sure of the benefits in your situation, as it isn't something I have delved into.
Medicare is normally 1.5% of your payroll salary.
You can add more to it if you wish.
Not sure of the benefits in your situation, as it isn't something I have delved into.
Medicare is normally 1.5% of your payroll salary.
Jul 10th 2010, 6:26 pm
#3
Forum Regular
Thread Starter
Joined: Jun 2010
Location: Darwin australia
Posts: 253
Re: superannuation and medicare
Superannuation is 9% of gross payroll salary, and is a compulsory payment by the employer to a super fund of your choice.
You can add more to it if you wish.
Not sure of the benefits in your situation, as it isn't something I have delved into.
Medicare is normally 1.5% of your payroll salary.
You can add more to it if you wish.
Not sure of the benefits in your situation, as it isn't something I have delved into.
Medicare is normally 1.5% of your payroll salary.
If on a 457 have i interpreted right that you are taxed as a non resident for 6 months then resident after that? What difference does that make financially....???
So many questions but. We now know rental income at home wont cover outgoings and need to find every penny so we can transfer some home every month :-(((
Jul 10th 2010, 6:43 pm
#4
Lost in BE Cyberspace
Joined: Feb 2009
Location: UK
Posts: 14,284
Re: superannuation and medicare
Thanx for that....
If on a 457 have i interpreted right that you are taxed as a non resident for 6 months then resident after that? What difference does that make financially....???
So many questions but. We now know rental income at home wont cover outgoings and need to find every penny so we can transfer some home every month :-(((
If on a 457 have i interpreted right that you are taxed as a non resident for 6 months then resident after that? What difference does that make financially....???
So many questions but. We now know rental income at home wont cover outgoings and need to find every penny so we can transfer some home every month :-(((
If you were a non resident (which I don't believe you will be) then you would pay more tax.
