What is Taxable Income?
May 4th 2005, 7:14 am
#1
ah-beng
Thread Starter
Joined: Aug 2004
Location: ^.^
Posts: 3,113
What is Taxable Income?
If you are offered a position which has a package like
109,700 (made upnumber!)
including
Super at 9% (9,000$)
Insurance at 0.7% (700$)
So the real salary is something like 100,000$
When doing taxation calculations on the gov websites do you put in the 109,700, or the 100,000 ? ie is Super contribution counted as taxable income?.
Many thanks for those who've already researched!.
109,700 (made upnumber!)
including
Super at 9% (9,000$)
Insurance at 0.7% (700$)
So the real salary is something like 100,000$
When doing taxation calculations on the gov websites do you put in the 109,700, or the 100,000 ? ie is Super contribution counted as taxable income?.
Many thanks for those who've already researched!.
May 4th 2005, 8:07 am
#2
Banned
Joined: Mar 2003
Posts: 4,432
Re: What is Taxable Income?
Originally Posted by spalen
If you are offered a position which has a package like
109,700 (made upnumber!)
including
Super at 9% (9,000$)
Insurance at 0.7% (700$)
So the real salary is something like 100,000$
When doing taxation calculations on the gov websites do you put in the 109,700, or the 100,000 ? ie is Super contribution counted as taxable income?.
Many thanks for those who've already researched!.
109,700 (made upnumber!)
including
Super at 9% (9,000$)
Insurance at 0.7% (700$)
So the real salary is something like 100,000$
When doing taxation calculations on the gov websites do you put in the 109,700, or the 100,000 ? ie is Super contribution counted as taxable income?.
Many thanks for those who've already researched!.
The money your employer puts in your superannuation account - money you can not get until you retire - is taxed at 15% "Contribution tax" plus, as the total "Adjusted Taxable Income" ($109k) exceeds $99,710 (this fin year), a sliding superannuation surcharge. Money you put in your superannuation account, after you have paid "Personal Income Tax", "Undeducted Cointribution" is not "Contribution Taxed". Superannuation earnings are taxed at 15%. Pensions are taxed at "Personal Income Tax Rates" with a 15% tax rebate on withdrawals. "Undeducted Cointribution" is free of tax after you retire.
Last edited by Megalania; May 4th 2005 at 8:16 am.
May 4th 2005, 8:13 am
#3
ah-beng
Thread Starter
Joined: Aug 2004
Location: ^.^
Posts: 3,113
Re: What is Taxable Income?
Cool... Im glad you understand that ;-)
Time to ring the accountant methinks
Time to ring the accountant methinks
May 4th 2005, 9:02 am
#4
Guest
Posts: n/a
Re: What is Taxable Income?
Originally Posted by spalen
If you are offered a position which has a package like
109,700 (made upnumber!)
including
Super at 9% (9,000$)
Insurance at 0.7% (700$)
So the real salary is something like 100,000$
When doing taxation calculations on the gov websites do you put in the 109,700, or the 100,000 ? ie is Super contribution counted as taxable income?.
Many thanks for those who've already researched!.
109,700 (made upnumber!)
including
Super at 9% (9,000$)
Insurance at 0.7% (700$)
So the real salary is something like 100,000$
When doing taxation calculations on the gov websites do you put in the 109,700, or the 100,000 ? ie is Super contribution counted as taxable income?.
Many thanks for those who've already researched!.
The 9% super is NOT included as taxable income. The insurance ? I'm not sure. What exactly is the insurance for ?
May 4th 2005, 9:10 am
#5
ah-beng
Thread Starter
Joined: Aug 2004
Location: ^.^
Posts: 3,113
Re: What is Taxable Income?
The insurance is against me being sick ! It pays my wages if Im off ill or something...
This is them trying to make the 'package' look as attractive as possible with a huge number by adding in super, insurance, etc. They term this as "the full market value" of the package... hehe
This is them trying to make the 'package' look as attractive as possible with a huge number by adding in super, insurance, etc. They term this as "the full market value" of the package... hehe
May 4th 2005, 9:18 am
#6
Guest
Posts: n/a
Re: What is Taxable Income?
Originally Posted by spalen
The insurance is against me being sick ! It pays my wages if Im off ill or something...
This is them trying to make the 'package' look as attractive as possible with a huge number by adding in super, insurance, etc. They term this as "the full market value" of the package... hehe
This is them trying to make the 'package' look as attractive as possible with a huge number by adding in super, insurance, etc. They term this as "the full market value" of the package... hehe
