PoppetUK

Just wondered if anyone knew of an online calculator to work out your take home pay. Hubby currently works as part salaried and part self employed and it looks like this will change and we wanted to try and work out what he will bring home each fortnight.

Thanks in advance. I'm off to do a google but thought you guys might know.

Poppet.

PoppetUK

Just found this one and I'm not sure how accurate it is.

http://payrise.careerone.com.au/?247...n=GoogleP+MISC

viviennef

Hi there is:

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

Viv

breezeboylan

I use this one. It is always right for both me and my OH to about $10.
Tracie

jayr

Try this out, I haven't added the medicare levy or the Medicare levey surcharge.

Just enter TOTAL annual salary (INCLUSIVE OF SUPER) and the SUPER % that comes from your salary (ususally 9%).

ABCDiamond

You threw me out with that.... I entered my wifes salary and it was wrong !

But then I saw that you are adding the super on to the normal salary first, to get a package amount...

I obviously don't read CAPITAL Letters !!!!! ( I only just saw that bit, after typing the first half of this reply !!

jayr

Yes, sorry, but I know my pay as total package, I know for others they see their pay as salary then super "on top"

jayr

I spotted an error in one of the tax brackets which I had as 6,001- 30,000; that is now 6,001 - 34,000 so I have updated.

For thsoe arriving from 1 July 2009 I have also added an extra sheet for 2009/10 income tax bands and rates. Note the 6, 001- 34,000 increases to 6,001 - 35,000 and that the 40% income tax rate decreases to 38%.

All of that is subject of course to any changes that come form the next budget

(moderator, can you please remove the attachment in my earlier post which is incorrect. I cant seem to edit it myself)

comet555

Looks good, I'll have to fiddle with it a bit to suit our situation. The annual salary and taxes is works, but my husband also gets quarterly bonuses on top of that (a percentage of his annual salary), and will get another in September.

PoppetUK

Thanks for all the replies.

This has helped a great deal.

Just a quick question and I don't mean to be very stupid but I am blonde and pregnant!!!

When I am working out our finances I just go on what comes into the bank account so I want to make sure I am doing this correctly. At what point do you have to pay the medicare levy? I have a feeling we don't pay this due to income. We do however have medibank in any case.

With supers do you automatically have to pay that. I think my husbands comes out before it hits our bank account. Is there any easy explanation for how the super things work. I'm not even sure what questions I should be asking.

Hubby has always got paid x and we have just gone ok or asked for more but not sure even what things we should think about when negotiating a new contract etc i.e what is negotiable with general contracts in Australia.

Leave all this to my hubby and we'll bubble along with no idea what is happening.

Thanks in advance.

RCoight

Most people pay the Medicare Levy: Official ATO guidance. It's calculated as 1.5% of your taxable income.

What you may not pay, depending on how much you earn, is the Medicare Levy Surcharge.

More official ATO guidance

This is an extra 1% tax on your taxable income if you earn above certain thresholds: if you have a sufficient level of Medibank cover you probably won't be paying it.

'Super' is short for 'superannuation' and is legislated as being a minimum 9% of your gross salary. It works very much like a private pension in the UK ie it's deducted by your employer and goes into a pension fund. You can choose which fund you use (your employer has to give you a choice and have a default if you don't) and choose your investment options for the future. Like a pension there are very strict rules about accessing it before pensionable age.

jayr

The trick to doing that correctly in the calculator is to add all bonuses in as annual salary.

For example lets say annual gross is $100k before bonuses. Put that $100k in the calculator and see what ANNUAL net salary is.

Lets say total of bonuses is $25k gross. Put a new ANNUAL in of $125k and see what the new ANNUAL net salary is. The difference between the two is the NET value of the bonuses.

The above is one way to ensure that your calc on the bonus is based on the correct marginal income tax rate.

jayr

NORMALLY super is 9% and it comes out of the employee's salary. SOME employers quote SUPER as a seaprate amount and some consider it included in total salry (which some call TOTAL REMUNERATION).

If salary INCLUDES super and total salary is 100,000, then the TAXABLE salry is 100,000/1.09 or $91,743. The other $8256 is what goes into his Super account.

The $91743 is then taxable; the first $6000 is tax free.

Use the spreadsheet and enter the TOTAL annual salary and then the super % (normally 9%) and the rest gets calculated for you.

I am not promising complete accuracy (not least I have not included medicare) but it will be very close in gettign your take home banked money correct.

You can then also use the spreadsheet to see the impact of asking for more ANNUAL SALARY and how it impacts on take home pay.

PM me if you require specific assistance

comet555

I've been playing with it and have added boxes for bonuses and sorted all that out. The amounts seem about right but the problem with having bonuses is that it's not on every pay cheque so the pay ranges from the average most months and then 4 high months a year.

No worries though. I've got my own spreadsheet that I've made to show the pay each week on regular months and also for bonus months. But I only made it using the total tax percentage that we paid (rather than your sliding scale showing each amount).

It works for me, although I'm still trying to figure out how to take yours and adapt it to our situation. I'll get there eventually!

PoppetUK

Thank you everyone. Very helpful.

So I need to speak to husband to ask about his super and where it is being paid. I didn't realise he had choices and I am sure he doesn't. I do know he looked into bringing his super over from the UK and did last year but I have no idea what is happening with that.

Is it possible to pay the 9% into the super that he brought over from the UK or does it have to be one of the ones the company offers.

Thanks all.

p.s it sounds like we never talk about money but really that's not the case. The next one I've got to look into is whether we should be paying National Insurance Contributions in case we move back to the UK. God I hate looking at money. If the Inland Revenue is anything to go by and Child Tax Credits its no wonder we dread talking to these people. We received yet another let asking for actual figures. I must have put it in writing 5 times and called 5 times. At least here the tax people sort it all out and we get a cheque back within a month. I was completely bowled over. I won't be delaying my returns in future if it is that simple!!!