What would be the take home (net) salary?
Mar 31st 2006, 6:57 am
#1
Forum Regular
Thread Starter
Joined: Aug 2005
Location: Bangkok
Posts: 241
What would be the take home (net) salary?
Appreciate if anyone can explain me, if a company has advertised in a jobs website a salary of 50,000 A$, what would be the take home salary at the end of each month? After deducting supper + any withholding taxes for personal tax deductions + etc etc.
Further, is it possible to rent a one bedroom with attached bathroom in Perth or very closer to Perth within the range of 100-125 A$ per week or lower? How many months of deposit will they normally ask? Can I expect basic furniture such a bed, table within this range? Any suggestions for a good place also welcome.
Further, is it possible to rent a one bedroom with attached bathroom in Perth or very closer to Perth within the range of 100-125 A$ per week or lower? How many months of deposit will they normally ask? Can I expect basic furniture such a bed, table within this range? Any suggestions for a good place also welcome.
Mar 31st 2006, 7:55 am
#2
Forum Regular
Joined: Nov 2005
Posts: 121
Re: What would be the take home (net) salary?
Don't know much about the answers to your questions I'm afraid, but I also noted this week in a job I was about to apply for that the 50K salary advertised was some thing like $33,500 cash salary and $16,500 in benefits which I could select! Not sure what that would mean in the practicalities except a lot less money each month so things can be very confusing!
Mar 31st 2006, 8:00 am
#3
Forum Regular
Thread Starter
Joined: Aug 2005
Location: Bangkok
Posts: 241
Re: What would be the take home (net) salary?
I tried to find the net salary info in this forum and google, but could not find any good answer. I found the below link and based on that..
INCOME: = $ 50000.0
less TAX = $ 11922.0
Amount of child support to deduct = $ 0.0
Net pay to employee = $ 38078.0
I know supper etc etc will add more to this. So no idea what the Net will be?
link:
http://www.csa.gov.au/calculator/employer.php
INCOME: = $ 50000.0
less TAX = $ 11922.0
Amount of child support to deduct = $ 0.0
Net pay to employee = $ 38078.0
I know supper etc etc will add more to this. So no idea what the Net will be?
link:
http://www.csa.gov.au/calculator/employer.php
Mar 31st 2006, 8:13 am
#4
BE Enthusiast
Joined: Aug 2005
Posts: 472
Re: What would be the take home (net) salary?
Hi,
The most important thing you need to know is if the $50k is salary or tsp - Total salary package. Ie, if it is total then it includes annual leave loading of 17% (on 4 weeks leave), superannuation contribution (which may or may not be over the government minimum) and any other benefits, like car allowance etc.
If it is just salary, then everything else is on top!
Now take home pay is a bit harder to calculation. Say you earn $50k salary, the above poster is correct in their tax calculation, based on being a resident for the full tax year, this year, which in Oz is July to June.
HOWEVER,
If you are only here say from April to June, then a few things change. Most importantly the tax free threshold changes. That is to say a full year resident is entitled to I think it is $6000 tax free. But a part year resident is entitled to $500 per month of that year they are here tax free. Then the remainder up to $6k is taxed at the lowest tax rate.
The other thing to consider is when are you coming? The tax rates are changing quite dramatically from July 06 - depending what you earn. If you go to www.ato.gov.au and click on the rates tables you will see the comparison between this tax year and the next..... You can work it out for yourself from the site.
Dont mean to confuse the issue, but it might be important if you banking on this pay. So if it isnt then just ignore this post and listen to the above poster!
S
The most important thing you need to know is if the $50k is salary or tsp - Total salary package. Ie, if it is total then it includes annual leave loading of 17% (on 4 weeks leave), superannuation contribution (which may or may not be over the government minimum) and any other benefits, like car allowance etc.
If it is just salary, then everything else is on top!
Now take home pay is a bit harder to calculation. Say you earn $50k salary, the above poster is correct in their tax calculation, based on being a resident for the full tax year, this year, which in Oz is July to June.
HOWEVER,
If you are only here say from April to June, then a few things change. Most importantly the tax free threshold changes. That is to say a full year resident is entitled to I think it is $6000 tax free. But a part year resident is entitled to $500 per month of that year they are here tax free. Then the remainder up to $6k is taxed at the lowest tax rate.
The other thing to consider is when are you coming? The tax rates are changing quite dramatically from July 06 - depending what you earn. If you go to www.ato.gov.au and click on the rates tables you will see the comparison between this tax year and the next..... You can work it out for yourself from the site.
Dont mean to confuse the issue, but it might be important if you banking on this pay. So if it isnt then just ignore this post and listen to the above poster!
S
Apr 1st 2006, 12:08 am
#5
Forum Regular
Thread Starter
Joined: Aug 2005
Location: Bangkok
Posts: 241
Re: What would be the take home (net) salary?
Originally Posted by Bert'n'Stella
Hi,
The most important thing you need to know is if the $50k is salary or tsp - Total salary package. Ie, if it is total then it includes annual leave loading of 17% (on 4 weeks leave), superannuation contribution (which may or may not be over the government minimum) and any other benefits, like car allowance etc.
If it is just salary, then everything else is on top!
Now take home pay is a bit harder to calculation. Say you earn $50k salary, the above poster is correct in their tax calculation, based on being a resident for the full tax year, this year, which in Oz is July to June.
HOWEVER,
If you are only here say from April to June, then a few things change. Most importantly the tax free threshold changes. That is to say a full year resident is entitled to I think it is $6000 tax free. But a part year resident is entitled to $500 per month of that year they are here tax free. Then the remainder up to $6k is taxed at the lowest tax rate.
The other thing to consider is when are you coming? The tax rates are changing quite dramatically from July 06 - depending what you earn. If you go to www.ato.gov.au and click on the rates tables you will see the comparison between this tax year and the next..... You can work it out for yourself from the site.
Dont mean to confuse the issue, but it might be important if you banking on this pay. So if it isnt then just ignore this post and listen to the above poster!
S
The most important thing you need to know is if the $50k is salary or tsp - Total salary package. Ie, if it is total then it includes annual leave loading of 17% (on 4 weeks leave), superannuation contribution (which may or may not be over the government minimum) and any other benefits, like car allowance etc.
If it is just salary, then everything else is on top!
Now take home pay is a bit harder to calculation. Say you earn $50k salary, the above poster is correct in their tax calculation, based on being a resident for the full tax year, this year, which in Oz is July to June.
HOWEVER,
If you are only here say from April to June, then a few things change. Most importantly the tax free threshold changes. That is to say a full year resident is entitled to I think it is $6000 tax free. But a part year resident is entitled to $500 per month of that year they are here tax free. Then the remainder up to $6k is taxed at the lowest tax rate.
The other thing to consider is when are you coming? The tax rates are changing quite dramatically from July 06 - depending what you earn. If you go to www.ato.gov.au and click on the rates tables you will see the comparison between this tax year and the next..... You can work it out for yourself from the site.
Dont mean to confuse the issue, but it might be important if you banking on this pay. So if it isnt then just ignore this post and listen to the above poster!
S
Applying for a salary of 50k from a jobs website and getting ended up with 30k+ in hand is not what I actually expected. Seems like the average take home salary (cash to hand) in Perth is in the range of 2,500 A$ per month.
Is this car allowance etc are common for start up Accounting jobs?
Can anyone advice me what kind of a salary or total salary package I should ask for a start up Accounting Job in Perth and if I get what I asked, what would be my take home salary? Lets say I start work on June 2006.
(I know the salary depends on qualifications etc, but to be realistic I would like to put myself in to the position of an Accountants Executive in a big company or an Assistant Accountant in a small company in Australia, to start up with)
What is Annual leave loading?
Thank you.
Apr 1st 2006, 12:54 am
#6
Joined: Jan 2005
Posts: 975
Re: What would be the take home (net) salary?
This should help you to work out exactly what you will take home:
Taxable income
Tax on this income
$0 – $6,000
Nil
$6,001 – $21,600
17c for each $1 over $6,000
$21,601 – $58,000
$2,652 plus 30c for each $1 over $21,600
$58,001 – $70,000
$13,572 plus 42c for each $1 over $58,000
Over $70,000
$18,612 plus 47c for each $1 over $70,000
As well as this you must deduct 1.5% medicare levy.
I used this and calculated the exact amount I would take home and when I got my pay slip I was correct
Taxable income
Tax on this income
$0 – $6,000
Nil
$6,001 – $21,600
17c for each $1 over $6,000
$21,601 – $58,000
$2,652 plus 30c for each $1 over $21,600
$58,001 – $70,000
$13,572 plus 42c for each $1 over $58,000
Over $70,000
$18,612 plus 47c for each $1 over $70,000
As well as this you must deduct 1.5% medicare levy.
I used this and calculated the exact amount I would take home and when I got my pay slip I was correct
Apr 1st 2006, 1:09 am
#7
Forum Regular
Thread Starter
Joined: Aug 2005
Location: Bangkok
Posts: 241
Re: What would be the take home (net) salary?
Originally Posted by chattyshazza
This should help you to work out exactly what you will take home:
Taxable income
Tax on this income
$0 – $6,000
Nil
$6,001 – $21,600
17c for each $1 over $6,000
$21,601 – $58,000
$2,652 plus 30c for each $1 over $21,600
$58,001 – $70,000
$13,572 plus 42c for each $1 over $58,000
Over $70,000
$18,612 plus 47c for each $1 over $70,000
As well as this you must deduct 1.5% medicare levy.
I used this and calculated the exact amount I would take home and when I got my pay slip I was correct
Taxable income
Tax on this income
$0 – $6,000
Nil
$6,001 – $21,600
17c for each $1 over $6,000
$21,601 – $58,000
$2,652 plus 30c for each $1 over $21,600
$58,001 – $70,000
$13,572 plus 42c for each $1 over $58,000
Over $70,000
$18,612 plus 47c for each $1 over $70,000
As well as this you must deduct 1.5% medicare levy.
I used this and calculated the exact amount I would take home and when I got my pay slip I was correct
1-6000 - nil
6001-21600 - 2652 (15599*.17)
21,601-50,000 - 8,519 (28399*.30)
Total Tax will be 11,171 (2652+8519)
For medicare 1.5% of 50,000 = 750
The take home salary will be 38,000 A$ (approx)
Is my calculation correct?
From above, how much I have to deduct for the supper minimum payment?
Apr 1st 2006, 1:24 am
#8
Aussie Finn Mixture!
Joined: May 2005
Location: Leschenault WA (after few locations around WA and Around Europe!)
Posts: 1,151
Re: What would be the take home (net) salary?
Originally Posted by bru
If the salary is 50,000 gross then the tax will be..
1-6000 - nil
6001-21600 - 2652 (15599*.17)
21,601-50,000 - 8,519 (28399*.30)
Total Tax will be 11,171 (2652+8519)
For medicare 1.5% of 50,000 = 750
The take home salary will be 38,000 A$ (approx)
Is my calculation correct?
From above, how much I have to deduct for the supper minimum payment?
1-6000 - nil
6001-21600 - 2652 (15599*.17)
21,601-50,000 - 8,519 (28399*.30)
Total Tax will be 11,171 (2652+8519)
For medicare 1.5% of 50,000 = 750
The take home salary will be 38,000 A$ (approx)
Is my calculation correct?
From above, how much I have to deduct for the supper minimum payment?
Apr 1st 2006, 1:59 am
#9
Forum Regular
Thread Starter
Joined: Aug 2005
Location: Bangkok
Posts: 241
Re: What would be the take home (net) salary?
Originally Posted by teza
Nothing. You do not pay the 9% super, your employer does. So if your fortnightly pay would be about $2000 before tax (give or take), your employer pays $180 into your super account. That is not deducted from your pay in any way.
Finally I have an idea what kind of an amount to expect.. I think it is important in deciding what kind of standard of living I can maintain in Australia from the start. Seems like it is not what I dreamed of
by looking at the salary scales in job websites.. Thank you for all feedback on this..
Apr 1st 2006, 6:42 am
#10
BE Enthusiast
Joined: Aug 2005
Posts: 472
Re: What would be the take home (net) salary?
Annual leave loading is a good thing - not only do you get paid when on leave, but you get paid an extra 17%!!!
S
S
