salary package

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fullout
Member
@fullout
Join Date: 2003
Post Count: 233
October 9, 2003 - 12:31 pm
HI guys,
DOes anyone know how to calculate salary packages?
I was earning 35,500 gross per year, and net is about 32,000.
HOw is the amount of prepaid tax calculated?
NOw my salary package is $45,000 gross. What will be the net?
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xyzzy
Participant
@xyzzy
Join Date: 2003
Post Count: 178
October 9, 2003 - 10:10 pm
What does your package include?
Super, Car, allowances?
The ATO website will tell you how much is paid out in PAYG tax.
ANUBIS
Participant
@anubis
Join Date: 2003
Post Count: 559
October 9, 2003 - 10:41 pm
It depends on if you actually sacrifice anythinhg as well. If (like my package) you can pay investment interest pre tax, well things can be starting to look good. Still pay your interest but it is in pre tax dollars so it costs you basically half as much as post tax dollars.
bribie
Participant
@bribie
Join Date: 2003
Post Count: 67
October 11, 2003 - 4:39 am
Salary Packaging is quite a compilacted area and depending on what you include in your package also effects what maybe subject to FBT. Somethings like laptops, calculators, briefcases, QANTAS Club membership etc have no FBT, cars do partly depending on the no of kilometres driven. Other things like health insurance. life insurance, loan repayments are subject to full FBT. Certainly some advantages if you can package well although it can create problems with financiers or at least a lot of explaining.
bribie