guspjmh

Liveable wage for family of four?

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    Hi all, going through job seeking process at the moment and the one company I really want to work for seems to wage cap new starters at $68k, regardless of UK experience. Superannuation is on top of this, and a car is provided, so the overall package is higher, but on the rough budget planner I have worked out I am not convinced this is a realistic salary for a family to live off - can anyone offer some advice?

     

    Also, what are the tax implications of company cars? Would it significantly reduce my take home pay?

    Edited by guspjmh

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    If that is a definite job offer then personally I would think that, with the company car, is a reasonable decent start. I have a company ute which is classed as a tool of trade for tax purposes so no tax implication for me, but not sure on the car, you may have to keep a log book of miles you do for business and personal, others on pia will no doubt have more precise advise.

    good luck with everything.

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    Thanks. Interesting, will need to check whether the car is classed the same way - I do need it for travelling, but not sure whether it will be classed in the same way.

     

    It isn't a firm job offer yet, still got more interview stages but quite hopeful as my experience matches up perfectly and I have got on well with the woman from HR I have been dealing with. The frustrating thing is that other companies and applications I have made are much higher wages - $75k-$85k, but I REALLY like this particular company and feel if I could afford to support the family comfortably then I'd stay with them for the long haul.

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    I think the car would have a mileage factor rather than be classed as tool of trade, check out the Australian Tax Office (ATO) or ask the HR person.

     

    I am sure you have assessed all the jobs and sometimes it is best to go with your gut feeling, have they advised what your salary will go up to when you are not a newbie?

    Getting here and getting a job are the main things, you can get a better feel for things once here and re-assess things in relative comfort no real pressure.

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    Yeah, I've had a look at the tax rules on company cars and apparently they changed recently. I am struggling to make head or tail of them!

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    Hi Gus,

     

    really interested in what you find out about the company cars, as I will be in the same boat as you albeit around 6 months later (hopefully).

    Was this job through the recruitment consultant you sent me? Is this GP/hospitals or specialist sales? It would be a good idea for me to get a realistic picture of salary prospects at this stage, which will help with OHs planning also.

     

    Well done on the job offer though, brilliant news and takes the pressure off you when you get there. Feel free to PM me if you like (and if you want to tell me the company, I can let you know if I know anyone who works there...you know how much of a small world the pharma industry is!!!)

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    I don't know about the car, but if you are on a PR visa you may also be able to get family tax benefit, which may help. Wether it's a livable wage will depend on your personal expectations and lifestyle but we loved quite comfortably on $85k and managed for a bit on $55k a year, although that was a struggle. Housing would be your biggest cost and we were paying $420 a week plus (I think) $130 a month on interest on a mortgage on to block of land. If you can rent for less than that it would give more money for other things.

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    Thanks for the feedback all.

     

    Dudleycat - No, this job was not with that agent, my contact was a lady in HR I was put in contact with by a friend. By the sound of things it would be doable on $68k, if not particularly comfortable - still undecided whether it's a good idea or not! I just need to check on the car to ensure it doesn't impact my take home pay hugely.

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    Guest Guest12727

    My understanding is that a company car is worth around $15,000 on top of your salary - assuming they are covering all private use, petrol and maintenance. This gives you an equivalent salary of low $80k, which is reasonable to live. Are they also offering a company phone? If you are on the road you will need a good coverage phone provider, which is also pretty pricy here, so the company phone would also be quite a benefit.

    I think reportable FBT doesn't effect the tax on your income, but is taken into account for means tested benefits. (but is this what is changing with the new rules?)

    Assuming you are coming with some savings and you are careful on your fixed outgoings (rent / school fees etc) it sounds very liveable, and would gain you the foot in the door - which is worth a lot.

    Good luck

    Edited by Guest12727

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    Hi all, going through job seeking process at the moment and the one company I really want to work for seems to wage cap new starters at $68k, regardless of UK experience. Superannuation is on top of this, and a car is provided, so the overall package is higher, but on the rough budget planner I have worked out I am not convinced this is a realistic salary for a family to live off - can anyone offer some advice?

     

    Also, what are the tax implications of company cars? Would it significantly reduce my take home pay?

     

    This gives a take home pay of approx $1025.63 per week.I do not know the tax implications of the car. If you have a pr Visa not a temp one you will be entitled to family assistance.

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    Gee thats pretty good with a company car, I would take that with both hands no questions if its being offered, usually theres a lot of perks tax wise if you use your own car for work not sure about company cars though, obviously depends on your situation when you get a house etc, I could maybe message my accountant and ask her if you want Gus??

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    Gee thats pretty good with a company car, I would take that with both hands no questions if its being offered, usually theres a lot of perks tax wise if you use your own car for work not sure about company cars though, obviously depends on your situation when you get a house etc, I could maybe message my accountant and ask her if you want Gus??

     

     

    That's really decent of you, the more info the better really!

     

    I've got my hat in the ring for about half a dozen other jobs now, so will just see what happens. I must admit though, even if this company pays the least they're a company I really like, so if it was a comfortable enough wage to live off it might still be my first choice.

     

    Thanks for all the help everyone.

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