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what is considered a good wage?

what is considered a good wage?

Old Aug 1st 2005, 3:01 am
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Default Re: what is considered a good wage?

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Old Aug 1st 2005, 11:27 am
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Default Re: what is considered a good wage?

Originally Posted by steandleigh
A $100,000 sounds ok to me. Ours is $180,000.
I'm assuming mortgage not wage Leigh?

Last edited by cadman; Aug 1st 2005 at 11:31 am.
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Old Aug 1st 2005, 11:33 am
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Default Re: what is considered a good wage?

Originally Posted by ABCDiamond
.......and the Australian average is $1044.10 (full time adult total earnings) ($54,293pa)
And don't forget to factor in Tax rate ABCD

I pay 48% so basically half my wage goes on tax

.............still wouldn't go back though

Last edited by Phoenixuk2oz; Aug 1st 2005 at 11:37 am.
 
Old Aug 1st 2005, 11:39 am
  #19  
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Default Re: what is considered a good wage?

Originally Posted by Phoenixuk2oz
And don't forget to factor in Tax rate ABCD

I pay 48% so basically half my wage goes on tax

.............still wouldn't go back though
Tax ? What's that

If you are paying almost half in tax, maybe someone should look at your tax return Seriously...
 
Old Aug 1st 2005, 11:41 am
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Default Re: what is considered a good wage?

Originally Posted by cadman
I'm assuming mortgage not wage Leigh?
If our wage was $180,000 (P/A) we wouldn't have a mortgage!!!!
(And if our wage was $18,000, God knows we'd struggle, but we'd still be here).

It's not what you've got but what you do with what you've got....
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Old Aug 1st 2005, 11:41 am
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Default Re: what is considered a good wage?

Originally Posted by Phoenixuk2oz
And don't forget to factor in Tax rate ABCD

I pay 48% so basically half my wage goes on tax
No, you pay 47% + 1.5% medicare on the part of your wage over $95000 (since 1st July 2005 I believe).

Not on your whole wage.
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Old Aug 1st 2005, 11:42 am
  #22  
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Default Re: what is considered a good wage?

Originally Posted by ABCDiamond
Tax ? What's that

If you are paying almost half in tax, maybe someone should look at your tax return Seriously...
Agree. Know anyone?

Naffed off cos I can't even claim daily road toll back.

Costs me nearly $25 a week to get to bloody work
 
Old Aug 1st 2005, 2:06 pm
  #23  
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Default Re: what is considered a good wage?

Originally Posted by Phoenixuk2oz
And don't forget to factor in Tax rate ABCD

I pay 48% so basically half my wage goes on tax

.............still wouldn't go back though
Have a look at this, it shows the tax calculations.

http://www.ato.gov.au/individuals/co...u=5053&mfp=001

From what I can see even though the top tax % is 47%, you actually pay less tax than in the UK on the same salary because the tax increases up to 47% happens much higher up the pay scale. So you will end up paying less tax. For example if you make $95,000 you will pay $28,200 tax. Then you pay 47c for each $1 over $95,000. So if you earned £115,000 pa you would pay $28,2000 plus another $9,000 give or take and then medicare etc...
Hope this makes sense, I am sure someone else could explain it better.

Cheers
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Old Aug 3rd 2005, 4:56 am
  #24  
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Default Re: what is considered a good wage?

Originally Posted by Ninijon
Hope this makes sense, I am sure someone else could explain it better.

Cheers
Here are some figures:

Australian $50,000 gross pays $11,922 in Tax & Med = 23.84%
UK on £26,000 gross pays £ 6,773 in Tax & NI = 26.1%

Australian $75,000 gross pays $22,087 in Tax & Med = 29.45%
UK on £39,000 gross pays £10,849 in Tax & NI = 27.8%

Australian $100,000 gross pays $34,212 in Tax & Med = 34.21%
UK on £52,000 gross pays £16,179 in Tax & NI = 31.1%

Australian $150,000 gross pays $58,462 in Tax & Med = 38.97%
UK on £78,000 gross pays £26,839 in Tax & NI = 34.4%

The figures are done as approximate multiples of each countries average wage, so that they are comparable salaries/tax etc at each group.

UK rates obtained from http://www.nigelbourke.co.uk/calcula...cometaxni.html



I don't know how much the UK earner gets on top of the basic salary as compulory super, but the Australian receives an extra 9% on top of the figures above.
 
Old Aug 3rd 2005, 7:02 am
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Default Re: what is considered a good wage?

Originally Posted by Phoenixuk2oz
And don't forget to factor in Tax rate ABCD

I pay 48% so basically half my wage goes on tax

.............still wouldn't go back though
48% tax? Oh man, that's a lot of your earnings. It looks to me that you did not provide your employer with a Tax File Number when you started. If you had, you would pay significantly less tax. Read this
http://moneymanager.smh.com.au/tools...paye_note.html

Also try this calculator to find your take home pay:
http://moneymanager.smh.com.au/tools...s/payetax.html

Cheers
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Old Aug 3rd 2005, 7:04 am
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Default Re: what is considered a good wage?

Found out a couple more High end blue collar wages today. See if anyone in the UK can match it.

Aussie Post, B double truck drivers, thats interstate, but only 8 hour shifts, 100,000 plus

Safeway truck drivers, local, but the big trucks, again Aud 110,000 +


They are both considered, well and truely good wages.


I understand the average for a HGV 20 tonner plus in the uk is circa 27,000 quid ? Also I understand that that wage is threatened by east european Migrants ?
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Old Aug 3rd 2005, 7:43 am
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Default Re: what is considered a good wage?

Originally Posted by ABCDiamond
Here are some figures:

Australian $50,000 gross pays $11,922 in Tax & Med = 23.84%
UK on £26,000 gross pays £ 6,773 in Tax & NI = 26.1%

Australian $75,000 gross pays $22,087 in Tax & Med = 29.45%
UK on £39,000 gross pays £10,849 in Tax & NI = 27.8%

Australian $100,000 gross pays $34,212 in Tax & Med = 34.21%
UK on £52,000 gross pays £16,179 in Tax & NI = 31.1%

Australian $150,000 gross pays $58,462 in Tax & Med = 38.97%
UK on £78,000 gross pays £26,839 in Tax & NI = 34.4%

The figures are done as approximate multiples of each countries average wage, so that they are comparable salaries/tax etc at each group.

UK rates obtained from http://www.nigelbourke.co.uk/calcula...cometaxni.html



I don't know how much the UK earner gets on top of the basic salary as compulory super, but the Australian receives an extra 9% on top of the figures above.
Also I believe that here in OZ you are able to write off other stuff against tax as everyone has to do a self assessment return. I understand for example that if your job involves driving then you can write off the cost of sunglasses, if you have to wear a logo'ed uniform you can write off laundry costs, if you buy a book for self-development/training, again you can write this off.

I don't know if there are any tax experts on here, but it would be interesting to compile a list of things which can be written off against tax here in OZ as I am sure many people must not claim where they could be.

D
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Old Aug 3rd 2005, 7:46 am
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Default Re: what is considered a good wage?

Originally Posted by darkless
Also I believe that here in OZ you are able to write off other stuff against tax as everyone has to do a self assessment return. I understand for example that if your job involves driving then you can write off the cost of sunglasses, if you have to wear a logo'ed uniform you can write off laundry costs, if you buy a book for self-development/training, again you can write this off.

I don't know if there are any tax experts on here, but it would be interesting to compile a list of things which can be written off against tax here in OZ as I am sure many people must not claim where they could be.

D
Thats why its a good plan to see an accountant, at least for the first year. It costs about $60 and saves you heaps
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Old Aug 3rd 2005, 7:53 am
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Default Re: what is considered a good wage?

Originally Posted by hevs
Thats why its a good plan to see an accountant, at least for the first year. It costs about $60 and saves you heaps
Agreed.

My situation is confusing over here because I am still paid in the UK, so I am having to get specialist business advice (unfortunately about 20 times the cost you quoted though)

I just thought that people could post a few things which they have had written off against tax which they had maybe been suprised to have been allowed to write off.
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Old Aug 3rd 2005, 7:58 am
  #30  
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Default Re: what is considered a good wage?

Originally Posted by darkless
Also I believe that here in OZ you are able to write off other stuff against tax as everyone has to do a self assessment return. I understand for example that if your job involves driving then you can write off the cost of sunglasses, if you have to wear a logo'ed uniform you can write off laundry costs, if you buy a book for self-development/training, again you can write this off.

I don't know if there are any tax experts on here, but it would be interesting to compile a list of things which can be written off against tax here in OZ as I am sure many people must not claim where they could be.

D
Absolutely correct.

One common example is self education expenses, and claiming part of your computer, electric use and stationery etc.

Use of your car for anything other than direct to "normal" place of work and back, can get you more refund aswell. eg: 6km per week, going to the bank, or the local stationers, etc, once a week, can get you about a $75 refund on its own.
 

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