terminology and tax

[foxpolka]

Hi - we're moving to Melbourne next month and I'm a bit confused about what notional salary is vs TEC salary?

I've asked for a sample payslip, but this seems to  have confused things a bit more

any thoughts on what the take home would be after tax - the notional salary is 140k per annum, which works out to around 5300 per fortnight.

thanks in advance

[LouDYorkie]

At the most basic interpretation, notional salary is your total compensation excluding employer obligations such as SGC. TEC is total cost and so would include SGC and any other liabilities.
Net pay could be approximately $8000 per month but I've made a lot of assumptions to get to that figure so you would need to answer a good few questions to get an accurate amount!

[Collie]

Yep - I think the big distinction is base salary (excl super of 9.5%) or package (incl super).

$140k of either will be less than $5,300 into your hand pf.

As above, $140k base salary should equate to c. $8,100 pm

Package = c, $127,800 base and should equate to c.$7,500 pm

[Ken]

On ‎4‎/‎05‎/‎2017 at 4:48 PM, foxpolka said:

Hi - we're moving to Melbourne next month and I'm a bit confused about what notional salary is vs TEC salary?

I've asked for a sample payslip, but this seems to  have confused things a bit more

any thoughts on what the take home would be after tax - the notional salary is 140k per annum, which works out to around 5300 per fortnight.

thanks in advance

The net fortnightly take home pay on 140k per annum is $3,758 per fortnight (although if they've added Super to get to 140k then your real salary is only $127,854 so your take home would only be $3,402). You can work it out yourself using: https://www.ato.gov.au/calculators-and-tools/tax-withheld-calculator/ (it looks more complicated than it is as you can ignore all the questions about Help debt etc; as they won't apply to you and you can ignore the medicare section as it doesn't kick in until you're over $180,000p.a. - just make sure you do claim the Tax Free Threshold).