This may be a dumb question, nonetheless... If my annual income including super is say $150000, and I want to calculate the amount of income tax payable annually on that $150k (for simplicities sake let's assume no other income and exclude medicare levy surcharge, etc) - is my assessable income for tax purposes considered to be $150k, or is it $150 - super @ 9% = $136.5k? I.e. if using the calculator in the link below, would I enter $150k as annual income or $136.5k? Income Tax Calculator - Yahoo!7 Money Matters Thanks for your help!
Your assessable income is without super. I don't think you calculate it by going $150,000 x 9%. As 9% = $13,500 and income = $136,500.. Which actually means your employer is paying your super @ 9.9% not 9%. You should be calculating "income + 9% = $150,000". Therefore your income should be about $137,600. $137,600 + 9% ($12,384) = $150,000 (actually $149,984 but you get the picture).. Hope that helps...
Yes - that makes sense - thanks! So just confirming that my assessable income for tax purposes would therefore be $137,600 (not $150k)? Basically just trying to work out what monthly take home would be after tax, super, etc.
I assume you are an employee since you mention 9%. Has your employer told you that your "salary package" is $150k INCLUDING the 9% SGC ? Or is your reported salary $150k, and your employer looks after the super ? It makes a difference, as your assessable income is you basic salary and does not include your employer's SGC contribution. Cheers, Rob
Assessable income is the income YOU get taxed on, ie - it's assessed for tax to you. You can get benefits before tax - like super, fringe benefits - this is not assessable to you but to the employer, unless it's exempt.
Hi Starkers, The maximum SG required by your employer is $36,470 per quarter or $145,880 pa x 9% = $13,129.20. If your employer has said your "package" is $150,000 they usually include super, you can $150,000 / 1.09 = $137,614.68 base salary plus $12,385.32 as your SGC. The SGC and salary sacrifice contributions aren't taxed in your hands as they are taxed at 15% going into your superannuation account. So you'd punch in the $137,614 plus any other income or capital gains you receive in the year into the calculator. Cheers, Dan PS Before making a taxation decision speak to your accountant or tax adviser.
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