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Salary on 457 Income tax

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  • 07-06-2012 7:21am
    #1
    site designer
    Registered Users Posts: 66 ✭✭


    Hi All,

    Does anyone know by experience or otherwise what the weekly takehome pay on a salary of 49K + 9% super would be.

    Based on this link here

    http://www.ato.gov.au/individuals/content.aspx?doc=/content/12333.htm&mnu=42904&mfp=001/002

    I can estimate that I would pay 8250 per annum, however 6k of that is a tax free allowance I am entitled to, (I am considered an Australian resident for tax purposes on a 457, so the foreign resident table does not apply) which would be 2250 tax pa

    making the weekly takehome pay $899

    Also I assume when a company advertises a position as 49k+Super, that means the 9% super is in addition to the 49k and not taken out of it and taxed with it?

    I know a lot of people here are on 457 so I know maybe someone can help,
    Thanks, just want to be sure


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    #2
    ellaq
    Registered Users Posts: 311 ✭✭ellaq


    I am pretty sure that you would be paying your $8250 after your tax free allowance has been allowed for. Have a look at some of the tax calculators available online.

    When advertised as salary plus superannuation the superannuation is not taken out of your salary.


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    #3
    massdebater
    Registered Users Posts: 2,251 ✭✭✭massdebater


    Check out www.paycalculator.com.au I've checked the site with my salary and it's spot on (within one dollar).

    You would be taking home $779.28.


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    #4
    site designer
    Registered Users Posts: 66 ✭✭site designer


    massdebater wrote: »
    Check out www.paycalculator.com.au I've checked the site with my salary and it's spot on (within one dollar).

    You would be taking home $779.28.

    Yes, it's what I feared. I was told about the 6k tax allowance by someone, but its actually first 6K of your income

    http://www.ato.gov.au/youth/content.aspx?doc=/content/39122.htm

    Oh well, I also heard you claim your super back though when you leave?


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    #5
    massdebater
    Registered Users Posts: 2,251 ✭✭✭massdebater


    site designer wrote: »
    Yes, it's what I feared. I was told about the 6k tax allowance by someone, but its actually first 6K of your income

    http://www.ato.gov.au/youth/content.aspx?doc=/content/39122.htm

    Oh well, I also heard you claim your super back though when you leave?

    Yeah you can. Although you have to pay 35% tax on this. Not sure what happens if you claim your super and want to return to Australia in a few years though.


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    #6
    mandrake04
    Registered Users Posts: 4,435 ✭✭✭mandrake04


    site designer wrote: »
    Hi All,

    Does anyone know by experience or otherwise what the weekly takehome pay on a salary of 49K + 9% super would be.

    Based on this link here

    http://www.ato.gov.au/individuals/content.aspx?doc=/content/12333.htm&mnu=42904&mfp=001/002

    I can estimate that I would pay 8250 per annum, however 6k of that is a tax free allowance I am entitled to, (I am considered an Australian resident for tax purposes on a 457, so the foreign resident table does not apply) which would be 2250 tax pa

    making the weekly takehome pay $899

    Also I assume when a company advertises a position as 49k+Super, that means the 9% super is in addition to the 49k and not taken out of it and taxed with it?

    I know a lot of people here are on 457 so I know maybe someone can help,
    Thanks, just want to be sure

    You might be needing a quick $2400 pay rise, as of 10 minutes ago the TSMIT or the minimum salary for 457 is now $51400.


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    #7
    site designer
    Registered Users Posts: 66 ✭✭site designer


    Oh really? Awesome, for some reason I can't imagine it'll apply retroactive to visa's approved and contracts already signed


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    #8
    Mellor
    Registered Users Posts: 39,342 ✭✭✭✭Mellor


    site designer wrote: »

    I can estimate that I would pay 8250 per annum, however 6k of that is a tax free allowance I am entitled to, (I am considered an Australian resident for tax purposes on a 457, so the foreign resident table does not apply) which would be 2250 tax pa

    making the weekly takehome pay $899
    A tax free allowance is earnings you don't get taxed on, not a tax rebate.
    It's also $18,000 now not $6,000.

    Based on 2012/13 rates. You'll pay $7472, which leaves you with $798 a week.
    Also I assume when a company advertises a position as 49k+Super, that means the 9% super is in addition to the 49k and not taken out of it and taxed with it?
    Super is on top and goes in a separate account and not assessable.
    site designer wrote: »
    Oh really? Awesome, for some reason I can't imagine it'll apply retroactive to visa's approved and contracts already signed
    It's only for new visas, if your visa is approved then it won't apply.


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