Cost of living (Brisbane)

LokiJr

Non concessional contribution means you are adding after tax money to your super. Hindi siya taxed at 15% kasi sa net income mo manggagaling yung contribution.

The advantage to putting non concessional into your super is it adds to the "tax-free" component of your retirement fund....this become useful (1) when you die - because your beneficiaries will receive more (kasi may non taxable)...and (2) when you wish to prematurely withdraw your funds

Nadine

@LokiJr: Sir, let's see if I have this correct. Hina ko po sa ganito, pasensya na.

So, kunyari I will contribute 5% of my after-tax salary, wala na tax dun sa super? Actually, medyo natataasan ako sa 5%, itatanong ko pa to. Baka pwede babaan??

Sir, I have read dito sa leaflet that " YOU CAN ELECT TO SALARY SACRIFICE YOUR PERSONAL CONTRIBUTIONS RATHER THAN PAY THEM FROM AFTER TAX SALARY. THE DIFFERENCE IS WHAT YOU SAVE BY MAKING CONTRIBUTION BY SALARY SACRIFICE".

Dito po talaga ako medyo nawawala.

LokiJr

Hehe...actually magulo ang superannuation so let's just keep it simple for the meantime...

Sa ngayon isipin mo na lang may dalawang klase ng contribution....yung pre-taxed (concessional) at after-tax (non-concessional).

Ang concessional 15% lang ang tax sa contributions samantalang ang non-concessional wala nang tax kasi ginagamit mong pera dun ay net income mo na (which is taxed at your marginal tax rate).

CONCESSIONAL ...may dalawang klase na popular sa Australia...

(1) Super Guarantee - yan yung 9% ng base salary mo na pinapasok ng employer mo sa super...bawal yun babaan, at hindi mo puwede sabihin sa employer na iencash na lang yun ...nasa batas na kelangan ibigay yan as super...kung ang salary mo ay $100k...$100k ang magiging suweldo mo PLUS $9,000 going to super

(2) Salary Sacrifice - optional to at nasa sa iyo yan kung gagawa ka nito o hindi...basically binabawas mo ang salary mo para mas may mailalagay ka sa super...in effect, bababa ang tax payable at net income mo, pero tataas ang super balance mo.

NON CONCESSIONAL has many uses...but to simplify the discussion let's leave it at that 🙂)

Tulad ng salary sacrifice, optional ito at nasa sa iyo kung gagawin mo to o hindi.

So to answer your question, yes, puwede mo babaan ang after tax contribution mo (or puwedeng huwag ka mag non concessional at all)... 🙂

LokiJr

My work involves a lot of superannuation so our general advice to first time migrants is to keep it simple. Start with the usual super guarantee and understand the mechanics of superannuation before branching out to the other varieties 🙂

Just so you know, ang super hindi yan parang bank account....fund managers actually invest a bulk of the super funds in stocks and property units so if you are not familiar with these asset classes...keep it simple muna 😃

021607

@LokiJr - Hi! Agree with your advice. I am still on my 1st year here in Australia. And I just maintain my 9% basic super. Basta natuwa lang ako when my salary quoted PLUS super and not INCLUDING super. Yung salary sacrifice and other additional contributions, siguro sa susunod na. Kasi pag new migrant, maraming start-up cost na kailangan harapin – like furniture, appliances, car and my bags! Hahaha!

LokiJr

@021607 oo haha, hindi basta basta na-wwithdraw ang pera sa super (katakot takot na penalty fees babayaran mo kung sakali)...so basic necessities muna 😃

Nadine

@LokiJr: Priceless info Sir! Something I will never figure out mag-isa!!

Ok, keep it simple. Got it. 🙂)

So, would you then advice that I just go for Concessional for now? Ang intindi ko, and correct me if I'm wrong, based on my contract, automatic nila deduct 5% of my pretax salary for super. Yun kasi talaga nakasulat and I'm really required. At may corresponding 12.75% employer share to na over and above my annual. Eto yung concessional tama po ba? Eto yung standard?

Etong 5% na to, pwede ko bang bawasan to? Talaga yun at yun ang concern eh no? Hehe, ang laki kasi ng 5%!! Although if I decrease my contribution, the employer will also decrease theirs, right? It seems logical actually.

Sige, hindi ko na muna isipin ang salary sacrifice. Or kung ano pa mang dagdag. Later na lang pag kuhang-kuhang ko na sistema. And tama yung mga sinabi nila. Andami nga gastos when settling in.

Sa lahat ng mga nag-input, @021607, @jaero, @LokiJr, salamat po! I am much obliged! 🙂

Nadine

@021607: Lisud sobra! I don't know how I passed promise! Compared to Phil boards, murag 5x mas lisud tingali I think. But the hardest part is STILL finding a job (as usual).

Will PM u later ha, kay murag off topic, hehe. Maybe makahatag ko tidbits of info sa imo friend. Ug mangayo pud ko advice for my friend na nurse pud. 😃

Congrats on your coming bundle of joy! Later! 🙂

LokiJr

@Nadine you should ask your employer what that 5% contribution is called exactly...marami rin kasing "after tax contribution" variants so I'm not sure kung puwede babaan o mawala...but generally lahat ng after tax contributions optional yan...

Iba po ang concept ng SSS sa super a. It's not a matter of 'you contribute something' and 'the employer matches it'..sa Australia batas talaga sa kanila na magbibigay ang employer kahit wala kang ilagay sa super nang kusa. 🙂

lock_code2004

interesting discussion.. this should be a separate thread .. para maintindihan din ng iba..

so @LokiJr, pwedeng walang i-contribute ang employee, at mandatory ang minimum 9% from employer?

LokiJr

@lock_code2004 yep! Kahit wala kang ipasok na sarili mong pera kusang lalago yan kasi mandatory yung super guarantee. In fact, by 2020, gagawin na ngang 12% ng base salary ang super guarantee so plus pa yun sa ating magttrabaho dun.

Hehe si admin na bahala maghiwalay ng thread na to sa isa pa 😛

Nadine

@lock_code2004: I'm with you! I'm sure andami interesado nitong topic nato. Tsaka, I have too many questions! I have questions about taxes, etc etc!

Baka makulitan na si @LokiJr, (hehe). Maybe I can change title @admin? For the benefit of the others who are interested or just as lost as I am? 8-|. Or new thread maybe? Kayo na po bahala.

@LOkiJr: Sir yes sir! I will take your advice to heart. Itatanong ko talaga yan. Gusto ko yang minimum to no contribution ah! That's really GREAT news na guaranteed ang employer contribution, at tataas pa kamo? I didn't even know that!

May nakasulat din na Corporate Superannuation Fund (to which I would put my super into), whatever that means. But the Au government is fair naman po, right? I feel their transparency naman in terms of work hours, work pay, etc.

thanks! thanks! very informative.

lock_code2004

we have our resident financial planning advisor/tax consultant... si @LokiJr..

haha.. hindi yan magsasawang sumagot..

Nadine

<blockquote rel="lock_code2004">we have our resident financial planning advisor/tax consultant... si @LokiJr..

haha.. hindi yan magsasawang sumagot.. </blockquote>

Ah ganun ba? Ok po pala eh! ^🙂^

I've said it once, I'll say it again. Buti na lang talaga napadpad ako sa site na to. Free advice for all!

LokiJr

@lock_code2004 grabe ka naman hehe...I'm just glad to share what I know

@Nadine, naku, ok lang po yun...magtanong lang po kayo 🙂

Nadine

<blockquote rel="LokiJr">@lock_code2004 grabe ka naman hehe...I'm just glad to share what I know

@Nadine, naku, ok lang po yun...magtanong lang po kayo 🙂</blockquote>

I'm glad you said that! 😃 So I'm just gonna go right on and ask away! Pasensya na...

What's the tax rate for 457 like me po?
Nag-ma-matter ba sa Oz kung may dependents (like mas mataas ba if wala ako dependents)?
iba po ba tax rates for resident vs not?
based on income bracket po ba dyan? dito papasok ang salary sacrifice, ano po? Para lesser tax?
tsaka, eto particularly for medical people, is overtime taxed differently?

Alam ko andami, pero last na po to promise! L-) Thanks in advance sa mga sasagot!

LokiJr

Hehe wala pa ako sa Australia so yung nalalaman ko lang masasagot ko 😛

It does not matter what type of visa you get...yung tax rate mo depende sa income level mo.
May mga tax offsets para sa dependents pero mabuti kung problemahin mo yan sa una niyong Income Tax Return sa Australia. We advise first time migrants to seek a certified Australian tax accountant to determine your eligibility 🙂
Alam ko ang 457 visa kasama siya sa tax table ng ordinaryong resident sa Australia
Yes, yes and yes...Saka niyo na isipin si salary sacrifice, medyo masakit sa ulo yan hehe
That depends on your arrangement with your employer there kung may OT pay kayo. Sa field ko (Finance) wala kaming ganyan 🙂

Nadine

Ok thank you. Sobra. 😉 Godbless po!

Metaform

<blockquote rel="021607">@Nadine -

Hi Nadine,

Superannuation is your savings towards what you would get as pension payments when you retire. If you salary quote says “$50,000 PLUS super 9%”, then that means you will be taking home $50,000 less tax and $4,500 will be remitted by your employer to your superannuation fund. On the other hand, if your salary quotes, “$50,000 INCLUDING super 9%”, you will take home $45,500 and your employer remits $4,500 to your superannuation fund. In addition, you have the OPTION to contribute more than what your contract stipulates. I know some people who do this. So on top of the whatever percentage of their income goes to their super, they remit so and so dollars to increase their “savings”.

Hope this helps.

</blockquote>

Quoting for reference.

RodGanteJr

Further information on Cost of Living in Brisbane 🙂

Room rental
Groceries
Outside food/meals/food-chain outlets
Transportation fares (bus/trains/taxis)
Utilities
Shopping
Basketball gears (Jordan shoes, etc. 🙂)
Clothes (casual and/or pang-office)
Movies
Laptops

Thank you po 🙂

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