Kareng638 Posted January 5, 2015 Share Posted January 5, 2015 Hi All, I am due to move to Sydney in a few weeks and I am fortunate to have accommodation included in my offer for up to 6 months (I will be Opening new Student Accommodation Buildings). I will obviously be quite keen to move into somewhere away from work at the earliest opportunity. Due to everything happening very quickly, I don't have a huge amount of disposable income before arriving, so I am just trying to work out a few things in terms of realistic expectations when it comes to lifestyle. Having the accommodation will obviously help me to save for the deposit etc over that time. My partner is due to join me in July time, but when he arrives he (as yet) has no job to go to, therefore we will be living on a single income until such times as he does. I am trying to work out what my take home will be, and getting used to being paid fortnightly will be weird. I believe that I have a good salary ($95k with super on top), there is a bonus scheme, but I want that to be exactly that a Bonus. My question is, how much tax on a 457 visa do I pay, am I right in thinking that it is in the region of 40%? I also have IMAN Healthcare included in the package. I am trying to work out what my net income will be to begin with. I have spent hours scouring the internet at accommodation. Not particularly a city dweller so will be more than ready to move out to the suburbs at the first opportunity. Requirements for the house will be, pet friendly (my beloved pooch will be joining too in July), and preferably 3 bedrooms. Our semi-grown up kids will be coming to visit together on a regular basis and my parents are hoping to come for a few months at a time when they retire. I am after some help to work out what my budget is (based initially on just my salary) for rental so that I can narrow down the areas that I am looking in. Don't mind commute, ideally less than an hour. Once we know that we can afford on my salary, when my partner does find work (which due to his skills, I hope won't be too long) whatever he brings in too is a bonus and we can then think about other areas. I know about the rent up front and deposit etc so its not that it is just to get an idea of what I can realistically afford. Sorry for the longwinded thread but brain hurts with so much to think about in such a short amount of time. Just want to keep my expectations real and rather than spending hours looking at houses/areas that I might not be able to afford. Many thanks for any advice... Karen Link to comment Share on other sites More sharing options...
Wellers and Whitehead Posted January 5, 2015 Share Posted January 5, 2015 Just have a proper think about the amount of bedrooms you will actually need..We got an extra bedroom in case visitors came over. .For the amount extra we paid for the room over time was it with it? How often will they come over etc? Is the first property until you find a nice one? So u will only need a one bed initially. .?Just a thought. Link to comment Share on other sites More sharing options...
Kareng638 Posted January 5, 2015 Author Share Posted January 5, 2015 Hi Weller and Wellhead, thanks for coming back to me. At the minute I am just trying to get an idea of roughly how much I will be able to realistically afford to pay on rent, as from what I have seen, I would pay the same for a 1 bed nearer Ultimo (where I will be based) and could get something more akin to what I what I would like further out. Once I know roughly how much/what budget I could have, I can then look at what compromises can/need to be made. K Link to comment Share on other sites More sharing options...
NicF Posted January 5, 2015 Share Posted January 5, 2015 In terms of tax you will pay the same as anyone else earning $95k in Australia. Have a look on the ATO website for the tax bands or search for an Australian tax calculator. From experience I think your take home pay will be around $2600 a fortnight., but you would need to double check to get a more accurate figure. Link to comment Share on other sites More sharing options...
mungbean Posted January 8, 2015 Share Posted January 8, 2015 I've been using this site to calculate tax/take-home pay: http://www.paycalculator.com.au/ Link to comment Share on other sites More sharing options...
Ozmaniac Posted January 12, 2015 Share Posted January 12, 2015 Hi All, My question is, how much tax on a 457 visa do I pay, am I right in thinking that it is in the region of 40%? I also have IMAN Healthcare included in the package. I am trying to work out what my net income will be to begin with. Karen Even on a 457, you can still be a 'Resident for Tax Purposes' and if you are, the tax you must pay will be considerably less than 40%. The following links will help you work out your tax status and the actual tax you must pay. http://calculators.ato.gov.au/scripts/axos/axos.asp?CONTEXT=&KBS=Resident.XR4&go=ok Determination of residency https://www.ato.gov.au/Individuals/Income-and-deductions/How-much-income-tax-you-pay/Individual-income-tax-rates/ Individual tax rates - don't forget to factor in the Medicare Levy as it isn't included in these rates. Link to comment Share on other sites More sharing options...
Captain Roberto Posted January 12, 2015 Share Posted January 12, 2015 I've been looking at places to live around Sydney for ages. Istill haven't finished yet, but have 4 basic areas we could look around already. It's all very subjective - so no point trying to push certain personal preferences on you. But these tips might help in terms of working within a budget: Anywhere very close to the beach is usually quite expensive. Especially Manly and a lot of eastern suburbs (but move inland a few miles and prices come down). Places around the harbour are probably even more expensive. St George area (Kogarah) etc is very affordable. (quick trains into the CBD) Sutherland Shire is also good value. (45 mins / 60 mins train into the CBD) Many on here also suggest the Hills district is also good value. Northern Beaches are expensive, but if you go inland a few miles it's cheaper. Probably many more areas if you go further west, but we haven't really looked that way much. Search areas and suburbs (look on Google maps) and reference with prices on Domain - http://www.domain.com.au/ to get an idea If living-space isn't such an issue you could probably go to the more 'desirable' locations such as Eastern Suburbs, the Inner west etc. Smaller house/unit, but potentially in a better location. If you don't have kids, you could start off in a cheaper area (e.g. - St George Shire) and move later when there's more spare cash. It really depends what floats your boat, and where you will be working (for commuting). There is a former PIO user ' northshorepom ' who seems to know lots, so if you search the new south wales section, you might see some of his advice here and there. It seems good, especially if you are interested in anywhere north & north east of the cbd. re: dogs - We are moving over in July with a dog too (and 3 kids) - lots of beaches won't allow dogs, but there are parks all over sydney http://doggo.com.au hope this is useful. Link to comment Share on other sites More sharing options...
Marisawright Posted January 12, 2015 Share Posted January 12, 2015 I am after some help to work out what my budget is (based initially on just my salary) for rental so that I can narrow down the areas that I am looking in. Don't mind commute, ideally less than an hour. A lot of people will suggest the Hills District because that's where most young families end up (because it's mainly new housing developments at an affordable price). However it can be a long commute (no trains). Personally I think the South is often overlooked but well worth considering - it's not trendy, but you are much closer to the coast than other similarly-priced suburbs (so easy access to Cronulla which is a great beach, better than Bondi IMO), and prices are pretty good. Look at Oatley, Mortdale and all the other stations beyond, to Sutherland and Cronulla. You could consider getting a small unit in Cronulla to start with, so you can live the Aussie dream of sun, sand and surf while you decide where you want to live long-term. Great restaurants and cafes there too. Domain.com.au is the best place to look for rentals. Link to comment Share on other sites More sharing options...
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