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Junior Member
Posted
I have been offered a salary of $120k plus Super plus LAFHA and am trying to work out how much I will take home each month. Can you help?! Also, is Super taxable or should tax be calculated before Super is added? And can I take my Super home with me should I return to the UK in a few years?! I'm struggling to find simple answers from the AU Government web sites...Frown

Many thanks
 
Posts: 4 | Location: Sydney | Registered: 30 December 2007Reply With QuoteEdit or Delete MessageReport This Post
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Picture of Colin Hanna
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To calculate your take home pay I would need to know how much LAFHA you will be getting. Or at least an estimate that I can use as a base point.

Super is not taxed - it is paid to your super fund direct by your employer. Yes you can take it with you when you leave.
 
Posts: 677 | Location: Sydney | Registered: 18 November 2005Reply With QuoteEdit or Delete MessageReport This Post
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Oh, they haven't specified. Are there a number of options/levels available then?

Thanks for your help with this!
 
Posts: 4 | Location: Sydney | Registered: 30 December 2007Reply With QuoteEdit or Delete MessageReport This Post
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Just discovered that my LAFHA will be equal to my monthly rent which is approx $3300.
 
Posts: 4 | Location: Sydney | Registered: 30 December 2007Reply With QuoteEdit or Delete MessageReport This Post
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Picture of Colin Hanna
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OK - I have had to make a few more assumptions - that I should have asked you !

I have assumed you are NOT single - if you are then if you dont have Private Medical Insurance you would have to pay another $800 per year in Medicare Levy Surcharge.

Basically you take your gross income, subtract the LAFHA then calculate the tax payable on the lower amount. Deduct the tax and medicare which gives you your nett pay. Then you can add back on the LAFHA amount and divide by 12 to get the monthly sum (or by 52/26 if paid weekly or fortnightly).

I reckon you are going to get about $8300 PCM including LAFHA of $3300.

If you didnt get LAFHA your take home pay would be around $7000.

The taxation details came from here:-

http://www.ato.gov.au/content/downloads/n1007-05-2007.pdf
 
Posts: 677 | Location: Sydney | Registered: 18 November 2005Reply With QuoteEdit or Delete MessageReport This Post
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Many thanks again for your help.
 
Posts: 4 | Location: Sydney | Registered: 30 December 2007Reply With QuoteEdit or Delete MessageReport This Post
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