Tax on Salary for Visa 457 holder

ricominero

Is medicare levy included in the salary deduction for Visa 457 holder?

Malaki po ba talaga yung tax sa Australia?

jayjee09

if im not mistaken, 40 percent rin ang tax for 457? tama ba?

ricominero

@jayjee09, di ko po sure. magkaiba ata yung tax ng temporary resident at ng permanent resident

jaydeetizon

@rpdimapilis chk mo itong link pra may idea ka sa tax

http://www.ato.gov.au/individuals/content.aspx?doc=/content/12333.htm&pc=001/002/046/002/002&mnu=42570&mfp=001&st=&cy=

ricominero

@jaydeetizon, thanks for the info. ang laki pala...

JClem

Hindi naman po 40% I believe. You may check AU Taxation Office (http://www.ato.gov.au/). Meron silang tax calculator para you can extimate your tax dues. Tingin ko nag-aaverage to around 23% to 27%.

if im not mistaken, 40 percent rin ang tax for 457? tama ba?

diwata

pag may dependent ka, mas maliit pa. kasi in my case ang laki ng tax refund ko last June 2011. although march 2011 lang ako dumating dito so hindi buong fiscal year ako nagwork. then kung nasa it ka and bumili ka ng mga computer hardware eh tabi mo ung receipt kasi pede syang tax relief.

jaydeetizon

@diwata ang non working spouse ba considered as dependent for tax purposes?

diwata

sa 457 hindi sya kinonsider. un ung sabi sa akin ng accountant. bale ung 2 kids ko lang ang natreat as dependent

ricominero

depende rin kasi sa salary range yung tax e. kaya may range din ung tax.

Davidx23

@Diwata
Alam mu ngaun ko lang nalaman yang computer tools as tax deduction, kaya bumili agad ako for this year as deduction. Alam ko may limit sya ng 300 or lower, pag over, depreciation lang yung pwede mung i-charge. Tska may limit ba, for example dalawang item worth 290? Pwde kaya yun?

@rpdimapilis
Yes, mataas po ang tax dito sa Aus kaya every piece of allowable deduction helps. Ex. yung sabi ni Diwata na tools & equipment deduction pero dapat 300 lang para pwede mung i-expense outright.

jaydeetizon

@Davidx23 my idea po ba kyo kung ano pwede deduction ng civil engr?

LokiJr

457 po is counted as resident di po ba? Yung salary tax depende sa tax table...45% if you are earning more than $150,000 annually....ang medicare levy naman 1.5% of gross annual salary.

Mas mataas ang levy pag walang private health insurance kayo

Davidx23

@jaydeetizon
If you're a professional, same lang ang treatment ng deduction tulad sa IT pro. For ex., you can claim a portion of your household expense (electricity, rent/mortgate, etc.) if you are working sa bahay, but you need to keep a detailed daily logbook of your work activity plus dapat walang tao sa bahay at the time you are working.

Another ex. for a deductible expense is magazine subscription, pero don't claim your fhm subscription as a deduction dapat related sa profession mu.

jaydeetizon

@Davidx23 thanks for the info.

ricominero

@LokiJr for real? 45% ang tax? ang laki naman... kalahati ng salary nasa tax na.

LokiJr

@rpdimapilis, 45% ang tax rate mo kung $150,000 above ang annual salary....Php6.9M a year yun hehehe....usually naman mga $50k - $80k naman ang standard salary range sa Australia...nasa 19%-25% lang ang tax sa ganung bracket

ricominero

@LokiJr eh yung supernannuation taxable din?

depende nga sa sweldo un. iniisip ko kasi ung offer na pinirmahan ko.

LokiJr

@rdimapilis, ang superannuation po +9% ng annual gross salary...isinasantabi po siya para sa retirement at hindi siya kasama sa tax computation.

Kung kinuha niyo siya sa retirement age, wala siyang tax. May tax kung winithdraw mo siya nang mas maaga hehe

ricominero

@LokiJr thanks.. it helps. excited na kong mag australia.. hehe

LokiJr

sure thing po. kelan alis niyo saka saang state?

every financial year (July of every year), nag-aadjust ang tax table nila..puwede niyo naman tingnan sa ATO yung bagong bracket

ricominero

@LokiJr inaantay ko pa magrant ung 457 visa. mag 2weeks na this friday from lodging.

Sa WA po, pag off sa Perth pero ung work sa Pilbara.

LokiJr

Looks promising, I wish you the best of luck...Check niyo po yung mga post-arrival requirements sa forum, may thread na silang ginawa...andun yung mga kelangan niyo isetup pag nasa Perth na kayo...kasama dun yung tax payments

LokiJr

^ Idagdag ko pala...kung malaki ang annual salary niyo at natatakot kayo sa malaking tax, puwede kayo mag "salary sacrifice".

Ang mangyayari nun boluntaryo niyo ilalagay yung ilan sa suweldo niyo sa superannuation...Kumbaga, nakatabi yung pera para sa retirement. In effect, bababa ang taxable income niyo at bababa rin ang tax rate

ricominero

@LokiJr thanks. nabasa ko nga sa Terms and Conditions ng company na merong Salary Sacrifice, this includes list of tools of trade na pwede mong bilhin.

Sana tuloy tuloy na...

LokiJr

Ayos yan...di lahat ng employers po nagooffer ng salary sacrifice...malaking tulong yan sa pagtatabi ng pera

ricominero

@LokiJr, ah talaga? malaking mining company kasi un.

Davidx23

May certain limit na hindi taxable ang super, pag na reach mu na yun eh subject for tax payment na. Mautak din ang gov't dito, akala mu mababawasan yung tax mu pero icharge ka nila sa iba. Ex. salary sacrifice mu laptop so yung base salary mu mababa so mababa din ang tax rate mu. Pero lalabas yan as fringe benefit which is the same as the tax rate so wla kang lusot.

LokiJr

^ May contribution limits din sa salary sacrifice at superannuation....ibig sabihin per year may cap ang puwede mo ipasok sa mga tax incentive facilities...Tama lang naman yun, para hindi naabuso ang sistema hehe.

Yung salary sacrifice dapat in writing po yung arrangement pati tax treatment...otherwise, puwedeng hindi mo makuha yung tax incentives...

unanimous21

shit, i really don't have any idea about this tax thing,haha. ung salary offer ba na pinopost nila sa mga websites, like $85k per annum, ibig sabihin babawasan pa yan ng 15-25% tax? thanks.

LokiJr

^ When you receive a job offer, there are generally three components to your salary:

Unless the employer says otherwise, $85,000 is the gross salary

1) Superannuation Guarantee - employers are required to contribute 9% to your retirement..masuwerte ka kung more than 9% bigay nila. This is on top of the gross salary and cannot be taken out until age 65. So in the example you have $7,650 saved to your retirement automatically.

2) Tax - Use this to compute your tax http://www.ato.gov.au/individuals/content.aspx?doc=/content/12333.htm $85,000 is bracket 4 so ang annual tax mo ay $19,440 or 22.82%

3) Medicare Levy - Parang Philhealth nila to. It is always 1.5% of your taxable income. So sa $85,000 magbabayad ka ng $1,275 (huwag ka mag-alala, sulit ang health benefits dun hehe)

May mga flood levy, carbon tax pa sila iimplement pero di naman kalakihan.
Suma-total sa halimbawa na yan, Annual after-tax income mo ay $64,285 ($5,357 per month) at may retirement money kang $7,650