Michelle84 Posted October 19, 2015 Share Posted October 19, 2015 Hi Can anyone tell me what taxes you pay on wages is Oz? SAY ON A SALARY OF $70,000 what would be typical take home pay after tax, super, medicare etc? Also what happens in regards to UK pensions? Is the Super the equivalent of a pension? Thanks Quote Link to comment Share on other sites More sharing options...
scuffythetugboat Posted October 19, 2015 Share Posted October 19, 2015 You need paycalculator.com.au Quote Link to comment Share on other sites More sharing options...
Bungo Posted October 19, 2015 Share Posted October 19, 2015 You need paycalculator.com.au Yup that is definitely the website I would use, accurate to a dollar as far as I can tell. Quote Link to comment Share on other sites More sharing options...
Andrew from Vista Financial Posted October 19, 2015 Share Posted October 19, 2015 Hi Can anyone tell me what taxes you pay on wages is Oz? SAY ON A SALARY OF $70,000 what would be typical take home pay after tax, super, medicare etc? Also what happens in regards to UK pensions? Is the Super the equivalent of a pension? Thanks Hi Michelle $54,303 net of tax and medicare levy. Regards your super, this is 9.5% of salary paid by your employer, typically this is over and above the base quoted therefore $6,650 in this case however be aware that some employers quote including super. Payments into super pre-tax have 15% tax deducted (if earning under $300,000 pa) so the net amount contributed to super would be $5,652.50. Regards your UK pension question, state pension wise you will be pad a pension from the UK (not index linked in payment) once you get to the state pension age (SPA) based on your qualifying years, it may be possible to top up any missing years along the way so you get the full basic state pension. Your private pension will continue to grow by either inflation (typically CPI) on the annual benefit amount that you have accrued if a Defined Benefit (DB) scheme or if Defined Contribution (DC) will move in line with your chosen investment option. These will then be paid to you typically at the schemes normal retirement age from the UK. Previously it was possible to transfer pensions to Australian Superannuation Funds however current issues really mean that it is only possible for persons age over age 55 to transfer. Hope this helps. Regards Andy Quote Link to comment Share on other sites More sharing options...
Dazken Amac Posted February 29, 2016 Share Posted February 29, 2016 Hi Michelle $54,303 net of tax and medicare levy. Regards your super, this is 9.5% of salary paid by your employer, typically this is over and above the base quoted therefore $6,650 in this case however be aware that some employers quote including super. Payments into super pre-tax have 15% tax deducted (if earning under $300,000 pa) so the net amount contributed to super would be $5,652.50. Regards your UK pension question, state pension wise you will be pad a pension from the UK (not index linked in payment) once you get to the state pension age (SPA) based on your qualifying years, it may be possible to top up any missing years along the way so you get the full basic state pension. Your private pension will continue to grow by either inflation (typically CPI) on the annual benefit amount that you have accrued if a Defined Benefit (DB) scheme or if Defined Contribution (DC) will move in line with your chosen investment option. These will then be paid to you typically at the schemes normal retirement age from the UK. Previously it was possible to transfer pensions to Australian Superannuation Funds however current issues really mean that it is only possible for persons age over age 55 to transfer. Hope this helps. Regards Andy Good day, I am a sailing ship master, and have recently got my PR. I intend to enter Australia (Melbourne) around mid July 2016 to save on the tax of the previous year. My concern is: 1) I would be transferring say about 50,000 AUD to start life in Australia. I assume the same is enough for atleast 6 months before i start sailing again (correct me if i am wrong) Then as and when needed i would transfer the amount depending on what is my job housing & living situation there. Will i be taxed on previous income (the 50,000 $ I am going to transfer) earned before i came to Australia. Is there any limit to which I can transfer funds to Australia before getting taxed. I am aware that I will have to pay the tax on the income I earn after getting the PR. Also is it advisable to transfer all the amount in 1 go or better do it in installments. 2) If I continue sailing with my present firm which is a company based in Dubai, My employer will not be paying my taxes, in that case how is the accounting of the Super done? 3) What document will I have to produce for showing my earning we only get a contract and we get payslips which is just on a plain paper. 4) My salary is paid in USD can i keep those usd in a fixed deposit in the bank for future use? Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.