How Much Income Tax Do We Pay???

[Boxertony]

Please can anyone let us know how much income tax do you pay if you are working on a 475 visa. Ideally we would like to know how much in a percentage way. Currently in the UK we tend to pay 15%.

 

My wife as gained employment and we would like to work how much we will have to live off after all our outcomes.

 

Her income is going to be around $712.12 AUD gross per week, so what will her take home pay be?

 

Thanks...........

[Guest soggy]

Please can anyone let us know how much income tax do you pay if you are working on a 475 visa. Ideally we would like to know how much in a percentage way. Currently in the UK we tend to pay 15%.

 

My wife as gained employment and we would like to work how much we will have to live off after all our outcomes.

 

Her income is going to be around $712.12 AUD gross per week, so what will her take home pay be?

 

Thanks...........

 

 

Hi,

have a look at this site http://www.ato.gov.au/ they have tax calculators on here so you will be able to work it out, when you fill out your tax file number declaration form your employer will give you for question 8 you should tick the yes box, the question being, are you a Australian resident for tax purposes? it does not matter you are on a 475, for tax purposes you are resident, this is important, if you don't tick yes you will pay, I think, 42% on all earnings and interest on savings, tick yes! and if someone tells you different they are wrong.:)

 

Simon

[Andrew from Vista Financial]

(Pipped to the Post (literally) by Soggy!!)

 

Hi Tony

Firstly, congratulations on your Wife getting a job.

The tax rates for this financial year are below:

Personal tax rates

 

 

$0 to $6,000 - 0% - $0

 

$6,001 to $35,000 - 15% - $4,350

 

$35,001 to $80,000 - 30% - $17,850

 

$80,001 to $180,000 - 38% - $55,850

 

over $180,000 - 45% - $55,850 + 45% of each $1 over $180,000

 

The above tables do not include Medicare.

 

 

The following shows what net income would be received on that salary:

 

 

Current Salary

$37030

 

Tax on Taxable Income

$4959

 

Low Income Tax Offset (LITO)

$1068

 

Medicare Levy

$555

 

Total Tax Liability

$4445

 

Net Income - Amount available to spend

$32584

 

As a temporary resident if you are moving to Australia to live and work permanently you should be a resident for tax purposes.

This link will confirm http://calculators.ato.gov.au/scripts/axos/axos.asp?CONTEXT=&KBS=Resident.XR4&go=ok

If confirmed just make sure you register as a tax resident when registering for you Tax File Number as a common error is where they register you as non resident for tax purposes and then you will pay a lot more in tax.

 

Hope this helps.

 

Andy

 

[Boxertony]

Hi Andy,

 

My wife has gained a job at Calvary North Hospital. If it's ok with you, we would like to contact you regarding my wife's NHS Pension transfer and what the best options are for her.

 

We are waiting for our home to be sold here in Newcastle upon Tyne then we can actually make the move. We got a offer on our home yesterday but it was £10k less than we actually owe on our mortgage, which we had to refuse. Gutted because they are no longer interested in our property.

 

Thanks for your advice and it's very appreciated to both you and Soggy

[Andrew from Vista Financial]

Hi Andy,

 

My wife has gained a job at Calvary North Hospital. If it's ok with you, we would like to contact you regarding my wife's NHS Pension transfer and what the best options are for her.

 

We are waiting for our home to be sold here in Newcastle upon Tyne then we can actually make the move. We got a offer on our home yesterday but it was £10k less than we actually owe on our mortgage, which we had to refuse. Gutted because they are no longer interested in our property.

 

Thanks for your advice and it's very appreciated to both you and Soggy

 

 

 

Hi Tony

 

No problem glad to have helped.

 

I would be more than happy to talk to your Wife regarding her NHS Pension, just drop me an email or PM when you arrive and we can have a chat.

 

Good luck on the house sale and hope to see you in Adelaide soon.

 

Andy

[Guest jimdundee]

Hi there

 

We just arrived 3 weeks ago and was also looking at this issue. We found a post on here which give you a link to a tax calculator. It was spot on with mine so give it ago and good luck.

 

http://payrise.careerone.com.au/

[Guest jimdundee]

Hi Andy.

Could you please let me know the formula for working out my net pay? I will be earning $750 gross per week without bonuses. I would like to work out myself what i will be paying out. Be very greatful if you could let me know how to do it.

Regards

Jas n Caz

[RJECSAUNDERS]

(Pipped to the Post (literally) by Soggy!!)

 

Hi Tony

Firstly, congratulations on your Wife getting a job.

The tax rates for this financial year are below:

 

Personal tax rates

 

 

$0 to $6,000 - 0% - $0

 

 

$6,001 to $35,000 - 15% - $4,350

 

 

$35,001 to $80,000 - 30% - $17,850

 

 

$80,001 to $180,000 - 38% - $55,850

 

 

over $180,000 - 45% - $55,850 + 45% of each $1 over $180,000

 

The above tables do not include Medicare.

 

 

The following shows what net income would be received on that salary:

 

 

 

Current Salary

$37030

 

Tax on Taxable Income

$4959

 

Low Income Tax Offset (LITO)

$1068

 

Medicare Levy

$555

 

Total Tax Liability

$4445

 

Net Income - Amount available to spend

$32584

 

As a temporary resident if you are moving to Australia to live and work permanently you should be a resident for tax purposes.

This link will confirm http://calculators.ato.gov.au/scripts/axos/axos.asp?CONTEXT=&KBS=Resident.XR4&go=ok

If confirmed just make sure you register as a tax resident when registering for you Tax File Number as a common error is where they register you as non resident for tax purposes and then you will pay a lot more in tax.

 

Hope this helps.

 

Andy

 

 

 

Oh Knickers! Just read this and realised that we have registered as non-residents!!

 

Do you know if we can change this. Thanks Julie

[RJECSAUNDERS]

I have just phoned the tax office and they have changed it for me! Thank you so much - that will save us a few dollars!

 

Julie