Ipon in Australia

beth_loggins · September 2014

Hi Kabayan,

Good day. I am from Singapore po, planning to move to AU next year.
Ang tanong ko lang po, since sa Singapore meron CPF options for permanent residents (deduct 20% from your salary + 13% for employer) , meaning you have 23% of your salary as ipon.
And you can withdraw it when you leave SG for good.

Do you think in Australia it will be possible save up 23%?
Ksi nababasa ko po meron silang SuperAnn. but this can only be touched when your about to retire.

Appreciate your advise.

Thanks

vhoythoy · September 2014

Hi Kabayan,

Good day. I am from Singapore po, planning to move to AU next year.
Ang tanong ko lang po, since sa Singapore meron CPF options for permanent residents (deduct 20% from your salary + 13% for employer) , meaning you have 23% of your salary as ipon.
And you can withdraw it when you leave SG for good.

Do you think in Australia it will be possible save up 23%?
Ksi nababasa ko po meron silang SuperAnn. but this can only be touched when your about to retire.

Appreciate your advise.

Thanks

Balita! Goodluck sa Aussie iiwan mo na talaga ang Sg. Wala ako alam sa CPF/SuperAnn wait lang sa reply ng iba

TasBurrfoot · September 2014

Hi Kabayan,

Good day. I am from Singapore po, planning to move to AU next year.
Ang tanong ko lang po, since sa Singapore meron CPF options for permanent residents (deduct 20% from your salary + 13% for employer) , meaning you have 23% of your salary as ipon.
And you can withdraw it when you leave SG for good.

Do you think in Australia it will be possible save up 23%?
Ksi nababasa ko po meron silang SuperAnn. but this can only be touched when your about to retire.

Appreciate your advise.

Thanks

We save an additional 7.5% in our super via salary sacrifice (on top of the SG of 9.5%) and around 30% of our Gross salary...

This despite a very high tax rate (compared to Singapore) and a relatively lower pay here than majority of our peers from different industries.

atchino · September 2014

SUPER is like SSS sa pinas.

Makukuha mo once you reach your retirement age.
Pwede mo makuha ng maaga pero taxable at with valid reason.

Companies are required to contribute 9% of your salary to SUPER.
You have an option to add additional contribution to your SUPER.

Savings are subjective. Depende kung gaano ka katipid.

From observaton from friends in SG. Mas madalai maka ipon sa Singapore since mas mababa ang TAX.

TasBurrfoot · September 2014

@atchino - SG is now at 9,5% effective this new financial year.

beth_loggins · September 2014

ganon ba... so meaning financially mas well off sa SG, when it comes to TAX. pero from what I heard from my friends grabe ang tax system in Aussie.
Sometimes, makes me wonder baket tayo nag migrate sa Australia if we are more well of in SG? I know maganda lifestyle dyan...

Just wondering, do employers contribute additional $ to Super, parang dito, they contribute 13%?
So after super, salary natin ay 91% nalang, tama po ba?

beth_loggins · September 2014

pero here in SG, very strict na sila, infact madami akong kilala na, even long term visit pass ng anak nila hinde renew.

atchino · September 2014

ganon ba... so meaning financially mas well off sa SG, when it comes to TAX. pero from what I heard from my friends grabe ang tax system in Aussie.
Sometimes, makes me wonder baket tayo nag migrate sa Australia if we are more well of in SG? I know maganda lifestyle dyan...

Just wondering, do employers contribute additional $ to Super, parang dito, they contribute 13%?
So after super, salary natin ay 91% nalang, tama po ba?

Pwede pero dipindi...

* 2 possible salary arrangement:

1. Annual Salary +SUPER

100k annual salary + 9% super(9k) = total compensation mo is 109k

Misna sasabihin pa nila sa offer or advertisement na 100k +SUPEr + comission or + bonus...

2. Total salary package (including super)
- 120k salary paackage. Ibigsaihinkasama nadun yung SUPER at kung ano pang mga benefits.

tazmania · September 2014

Super in Australia is gradually increase by .5% every year till it hit 12%. Currently it's on 9.5% guarrantee. Pwede ka rin mag super sacrifice to lessen your tax every financial year. Mataas ang tax dito pero makakaipon ka kung you will spend your money wisely. Us here, in two years time may own house na kami and savings as well. If you think na makakakuha ka ng work dito at ang income mo eh above 65K a year go for it. Pero kung mas maliit pa sa current income for sa SG eh I would say, stay muna sa SG till stable ang finances nyo then tska kayo move.

atchino · September 2014

ganon ba... so meaning financially mas well off sa SG, when it comes to TAX. pero from what I heard from my friends grabe ang tax system in Aussie.
Sometimes, makes me wonder baket tayo nag migrate sa Australia if we are more well of in SG? I know maganda lifestyle dyan...

Just wondering, do employers contribute additional $ to Super, parang dito, they contribute 13%?
So after super, salary natin ay 91% nalang, tama po ba?

Pwede pero dipindi...

* 2 possible salary arrangement:

1. Annual Salary +SUPER

100k annual salary + 9% super(9k) = total compensation mo is 109k

Misna sasabihin pa nila sa offer or advertisement na 100k +SUPEr + comission or + bonus...

2. Total salary package (including super)
- 120k salary paackage. Ibigsaihinkasama nadun yung SUPER at kung ano pang mga benefits.

@Tas: tinaas na yata to 9.5% SUPER contribution.

Pero blita ko put on hold kasi walang pag kukunan ng funds since aabolish ang carbon tax at hindi naman basta papayag mga company na basta taas contribution nila

tazmania · September 2014

we never know mate!

TasBurrfoot · September 2014

ganon ba... so meaning financially mas well off sa SG, when it comes to TAX. pero from what I heard from my friends grabe ang tax system in Aussie.
Sometimes, makes me wonder baket tayo nag migrate sa Australia if we are more well of in SG? I know maganda lifestyle dyan...

Just wondering, do employers contribute additional $ to Super, parang dito, they contribute 13%?
So after super, salary natin ay 91% nalang, tama po ba?

Pwede pero dipindi...

* 2 possible salary arrangement:

1. Annual Salary +SUPER

100k annual salary + 9% super(9k) = total compensation mo is 109k

Misna sasabihin pa nila sa offer or advertisement na 100k +SUPEr + comission or + bonus...

2. Total salary package (including super)
- 120k salary paackage. Ibigsaihinkasama nadun yung SUPER at kung ano pang mga benefits.

@Tas: tinaas na yata to 9.5% SUPER contribution.

Pero blita ko put on hold kasi walang pag kukunan ng funds since aabolish ang carbon tax at hindi naman basta papayag mga company na basta taas contribution nila

I know...

SG was 9,25% beginning July 1 2013 and became 9,5% last July 2014

No increase for 7 yrs and will become 10% in 2021 - this is as per current government. It could change though.

lock_code2004 · September 2014

Just wondering, do employers contribute additional $ to Super, parang dito, they contribute 13%?

yes, there are companies offering more than the mandated 9.5% super..

peach17 · September 2014

so based on all your insights, san talaga mas mabilis makaipon assuming tamang lifestyle lang.... sa SG or sa AU?

TasBurrfoot · September 2014

so based on all your insights, san talaga mas mabilis makaipon assuming tamang lifestyle lang.... sa SG or sa AU?

kami dito sa Australia - lesser gastos dito eh. and di kami masyado nakatravel (which was our biggest luho before in Singapore apart from food)

tazmania · September 2014

Simple ang buhay dito sa Perth. Pero kung maganda kita mo dyan sa SG at move ka dito, expect mo na malaki magbabago sa lifestyle mo. Work and income ang main factors dito. Kung baga if you think na 1 step forward ka sa SG but when you move in AU it will be 2-3 steps backward ka. Pero kung makahanap ka ng stable at magandang company, you'll be better well off and that's for sure. Everything i've have said here ay base sa experienced ko at nang family ko. Believe me, scary to think but if you have the guts and courage, you'll be successfull here.

atchino · September 2014

If you work sa government (Australia).. narinig ko lang sa isang bubwit... nasa 15% daw ang SUPER nila. Not sure how reliable. SA pag kakaalma ko na mas mataas ang SUPER if you work sa Government.

atchino · September 2014

so based on all your insights, san talaga mas mabilis makaipon assuming tamang lifestyle lang.... sa SG or sa AU?

subjective yung question... sagot is dipendi :-)

kahit nasa pinas ka pwede ka makaipon. Dipindi sa life style.

As long as young spend less than you earn - you should be alright kahit saang bansa ka located.

SA Austrlaia, mas ma-force ka "cguro" magtipid pag nakita mo yung exhange rate....
- unang dating namin... kahit pagod na kami kakalakad at hanap ng work hindi kami makabili ng softdrink kasi ang mahal. Nag babaon na lang kami ng tubig.

Naging maganda din outcome kasi hindi healthy madlas uminom ng sofdrinks.
Eventually, nasanay na kami na hndi bumibili ng softdrinks up to now.

Kung nag sisigarilyo ka.. makita mo presyo ng sigarilyo dito--- bka ma force ka na tumigil mag yosi sa mahal hehehe...

Sabi nga ni Tas, hindi sila makatravel madalas kasi mahal ang airfare - makakaipon ka.
- actually ang nag papamahal lalo is yung expenses pag uuwi ka ng pinas .. syempre balikabayan.. epxected na marami ka pera dolyares ang kita.

Bago kami nakauwi ng pinas inabot kami ilang taon. Nakakainggit yung nasa Singapore na mga kakilalako kung umuwi ng pinas 4x na beses sa isang taon.

Kung madalas ka kumain sa labas, pag na compare mo presyo ng food maiisip mo na magluto na lang sa bahay.

May health benefits :-)

Kung mahilig ka sa mga chips or chichiria.... makita mo presyo sa mga vending machine ang mahal.. maiiwasan mo kumain ng mga chichiria.. gawin mo na lang bumili ka sa Coles or Wollies ng MARAMI pag nag SALE (1/2 price) hehehe....