Salary on 457 Income tax

site designer

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

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.

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.

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?

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.

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.

site designer

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

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.