Guest Aus Hoodies Posted December 5, 2008 Share Posted December 5, 2008 Hi all, I'm new to this so please be gentle with me! I have recently been offered an employer sponsored visa (457) to the Melbourne area. This after being knocked back every time we tried for the residential visa. Salary is around $65k but I cannot get a definitive amount which will be deducted from this to leave with a take home amount. Any one offer an opinion on what I will have left after Mr taxman has had his slice?:twitcy: Link to comment Share on other sites More sharing options...
Guest DSL Posted December 5, 2008 Share Posted December 5, 2008 Hi all, I'm new to this so please be gentle with me! I have recently been offered an employer sponsored visa (457) to the Melbourne area. This after being knocked back every time we tried for the residential visa. Salary is around $65k but I cannot get a definitive amount which will be deducted from this to leave with a take home amount. Any one offer an opinion on what I will have left after Mr taxman has had his slice?:twitcy: You will have a bit more than $4k a month, if your employer is happy to offer the Living Away From Home Allowance (LAFHA) there are great tax benefits which will see you earn just short of $5k per month. Just going by what I make on a monthly basis, sorry I can't be more specific. DSL Link to comment Share on other sites More sharing options...
Guest Aus Hoodies Posted December 5, 2008 Share Posted December 5, 2008 Cheers How can I clain the living away from home allowence? Link to comment Share on other sites More sharing options...
Guest DSL Posted December 5, 2008 Share Posted December 5, 2008 This will probably sound confusing (it did to me) but its actually quite straightforward. You cannot actually claim it yourself, your employer has to do it for you so if they are not prepared to do it then you cannot do it yourself. I know a few people whos employer cannot be bothered with the hassle. Best drop you employer an e-mail just to make him aware of it or find out if it something they are prepared to do. Basically while you are on a 457 visa and do not own a home in Aus, you are eligible for this allowance by using an address in the UK as your permanent address (I use my parents address). Your employer takes the cost of your rent (you provide a copy of your rental agreement) and an allowance for food (this varies if you are married or have kids) and deducts this from your pay, the remainder is then taxed. The cost of your rent and food is then added back and this is what you are paid. So you pay far less tax than you would normally. If you apply for permanent residency or buy your own home, you lose this tax benefit as it shows you now intend to live in Aus. Hope this helps. Link to comment Share on other sites More sharing options...
emmaj Posted December 9, 2008 Share Posted December 9, 2008 There is some excellent advice on this thread - thank you. Can anyone tell me roughly how i can calculate how much i will take home i.e all the different reductions that are taken out? Thanks Emma Link to comment Share on other sites More sharing options...
Guest Bexta Posted December 9, 2008 Share Posted December 9, 2008 The amount of tax you pay depends on what you earn. Click below to see which threshold you fall into. How much tax will you pay? Most employers offer a salary plus superannuation or they offer you a package deal (eg salary, including super and shares etc). So if you earnt $50,000 + super you be paying approximately $9000 tax per year, which means your take home amount each week is somewhere between $750-$800. Your super is a percentage of your wage paid by your employer each pay into a nominated account, so this does not 'come out' of your pay. (Unless you have been offered a $60,000 package for example as a package salary usually includes super, so you'd have to take the amount of super away from your salary to work out what you actually earn, and then you pay taz on that only.) You shouldn't be paying anything else from your salary, unless you have a HECS debt to the government (if you studied at Uni here). Also as per the Earning Away From Home exemption in the above posts, you should also enquire as to whether your employer will offer you a Salary Sacrifice for your mortgage for example (or car or any other loan you may have). This basically means your mortgage repayment is taken out of your pay before you pay tax, so it reduces the amount of tax you pay each month and can actually mean you take home MORE than if you just paid it from your bank after tas has been taken. (But thats only if it drops you into a lower threshold I guess) Anyway its worth asking if your employer does this as it can save considerable amounts of tax. :emoticon-signxmas: Link to comment Share on other sites More sharing options...
emmaj Posted December 9, 2008 Share Posted December 9, 2008 The amount of tax you pay depends on what you earn. Click below to see which threshold you fall into. How much tax will you pay? Most employers offer a salary plus superannuation or they offer you a package deal (eg salary, including super and shares etc). So if you earnt $50,000 + super you be paying approximately $9000 tax per year, which means your take home amount each week is somewhere between $750-$800. Your super is a percentage of your wage paid by your employer each pay into a nominated account, so this does not 'come out' of your pay. (Unless you have been offered a $60,000 package for example as a package salary usually includes super, so you'd have to take the amount of super away from your salary to work out what you actually earn, and then you pay taz on that only.) You shouldn't be paying anything else from your salary, unless you have a HECS debt to the government (if you studied at Uni here). Also as per the Earning Away From Home exemption in the above posts, you should also enquire as to whether your employer will offer you a Salary Sacrifice for your mortgage for example (or car or any other loan you may have). This basically means your mortgage repayment is taken out of your pay before you pay tax, so it reduces the amount of tax you pay each month and can actually mean you take home MORE than if you just paid it from your bank after tas has been taken. (But thats only if it drops you into a lower threshold I guess) Anyway its worth asking if your employer does this as it can save considerable amounts of tax. :emoticon-signxmas: Thanks so much for such a detailed response, i really appreciate it :biggrinxmas: Emma x Link to comment Share on other sites More sharing options...
Guest treesea Posted December 10, 2008 Share Posted December 10, 2008 Income Tax rates 2008-09 Taxable income Tax on this income $0 – $6,000 Nil $6,001 – $34,000 15c for each $1 over $6,000 $34,001 – $80,000 $4,200 plus 30c for each $1 over $34,000 $80,001 – $180,000 $18,000 plus 40c for each $1 over $80,000 $180,001 and over $58,000 plus 45c for each $1 over $180,000 These rates don't include the Medicare Levy of 1.5% which you need also to take off. www.ato.gov.au is the Australian Taxation Office website, if you need more info. Compulsory superannuation is usually on top of the salary, i.e. wouldn't come out of the salary you have been quoted, though, if it has been quoted as a package, rather than a salary, it usually would be grossed up to include the employer superann contribution. Link to comment Share on other sites More sharing options...
Guest itskaren Posted December 10, 2008 Share Posted December 10, 2008 Cheers How can I clain the living away from home allowence? I came here on a 457 visa and I was told my my employers that 'they did not do LAFHA so I didn't get it. My husband now has the 457 and I am working off his visa. We get the perm visas in January. Good luck! Link to comment Share on other sites More sharing options...
Guest hannahf Posted December 12, 2008 Share Posted December 12, 2008 Hi, I can help with this one my OH earns $65,000 and he brings home $4200 a month - hope that helps. Link to comment Share on other sites More sharing options...
Recommended Posts
Archived
This topic is now archived and is closed to further replies.