forums → Financial

How much is you take home is the job pays $850 a day?

cdeep0 on 28/08/2012 - 11:04
Edited by scotty 28/08/2012 - 12:23

Hi Guys,

I have been unemployed for few weeks after a long stint in a financial institution. Just today I have been poached to get a role on a contract for 6 months at $850 a day….I was curious to know what can I do to minimise the tax and what could be the tax-home wage for a month.

Any help would be great.

Regards

MOD — Tax advice —> see accountant. Also moved to Financial forum.

Comments

  • +5 votes
    StewBalls on 28/08/2012 - 11:15

    You'd be far better off enlisting the services of a good accountant when you're talking about those kind of figures, rather than asking on OzB IMHO.

  •  
    greenpossum on 28/08/2012 - 11:20

    Sacrifice into super.

  •  
    gevidian on 28/08/2012 - 11:23

    The calculator on the ATO for tax witheld, etc would allow you to calulate what you take home.
    http://www.ato.gov.au/scripts/taxcalc/calc_standard_hire.asp...

    Agree with StewBalls that you should get some good advice from a qualified source (accountant, tax agent, financial planner, etc).

  • +9 votes
    Mikinoz on 28/08/2012 - 11:26

    Poaching is generally done when you are currently employed. When unemployed it is called an offer.

    No one is going to poach you fromn the couch ;)

    •  
      cdeep0 on 28/08/2012 - 12:12

      ..I was actually poached from LinkedIn….may be I was lucky..:)

      • +3 votes
        Mikinoz on 28/08/2012 - 12:26

        Do you work for linkedin? i get offers from linkedin ;) Not all of them are real.

        Actually you may have been poached

        http://finance.ninemsn.com.au/newsbusiness/8523239/scammers-...

        • +3 votes
          ch4rgd on 28/08/2012 - 16:30

          I hate people saying they've been "poached" or "headhunted" when they're unemployed and applied to a million jobs on seek.

          $850 a day? Just be wary if they ask for your bank details and credit card for your "induction pack" they are posting to you :D

  • +2 votes
    ilsan on 28/08/2012 - 11:32

    $850 a day = $4250 a week.
    Yearly Gross = $221,000.00
    Tax - 45% = $1,468.12 per week
    Take home = $2,781.88 per week

    Monthly = $12,054.83

    You are Welcome!

    •  
      cdeep0 on 28/08/2012 - 12:12

      Thanks Thanks Thanks a lot….This is indeed helpful. I am so loving this site and all the OZ team.

  • +14 votes
    endotherm on 28/08/2012 - 11:56

    I don't get it, you're getting a $220k job and you worked in finance, yet you can't do a simple calculation, or string a proper sentence together? I think you could afford to get some advice from an accountant at least. It's pretty tight (and stupid) trying to save a few bucks to get free financial advice here!

    • +1 vote
      cdeep0 on 28/08/2012 - 12:20

      Thanks for your feedback.

      I have never worked in a typical finance area of this financial institution as my niche is in security, cyber crime, digital forensics etc and unfortunately finance and numbers make be really bore.

      My accountant is away and have to sign the paper work/ contract tomorrow as the job starts on Monday.

      Also I have never made that much money ( as contracts only pay that much )….so bit excited and bit stressed as don't know what the clients expectations will be…..Fingers crossed though!!

      Thanks again and really appreciate all the comments.

      Cheers

    •  
      scotty on 28/08/2012 - 12:27

      Hehe. I worked 10+ years in IT and software solutions in the financial planning area, and knows bugger all about it. But yeah, seek professional help, or just use the tax calculator on ATO's website.

    • +1 vote
      paulinspace on 29/08/2012 - 09:23

      I like that. Working in cyber crime and digital forensics and you think finance and numbers are boring.

  •  
    TimU on 28/08/2012 - 13:02

    I typically convert day rates <-> yearly income at a value of 222 working days per year.
    This takes into account weekends, public holidays, 4 weeks holiday, 8 days sick leave.

    $850 x 222 = $188,700 GROSS
    less tax of course.

    Re super, makes sure you're being quoted a day rate PLUS super or GST, not Inclusive.

    •  
      cdeep0 on 28/08/2012 - 13:14

      Thanks. Much appreciated.

      Just received the contract and been reading and marking where I don't understand the fine print.
      It's $850 inclusive of Super ( as it says).

      •  
        TimU on 28/08/2012 - 16:08

        Sounds like a direct contract with the employer? No matter, you're still getting your money, but not till you're 65 ;-)
        Take it as a lesson learnt for your next contract.

        Sydney CBD based at another financial institution?

        •  
          cdeep0 on 28/08/2012 - 22:33

          Thanks Mate….I have completed the formalities and look forward to start this new challenge next week….Bit nervous though.

  •  
    ilsan on 28/08/2012 - 14:23

    Check out the below link and put in numbers where applicable.
    Very useful tool.

    On left side, he has other calculators as well.

    http://jaw.iinet.net.au/stuff/taxcalc.html

    Credit to Jaws!

    •  
      cdeep0 on 28/08/2012 - 22:32

      Thanks ..This calculator is awesome.

  •  
    johnh on 29/08/2012 - 08:58

    You have to be kidding? Offered $850 a day and previously worked for a financial institution but you need to post here to ask about your salary taxation obligations! Good on you if your genuine.

  • +1 vote
    parisienne on 29/08/2012 - 09:23

    And yet nurses get paid less than my friend who works in a post office for saving people's arses…great to know where society's priority's are.

    •  
      greenpossum on 30/08/2012 - 10:16

      It would be a sad society if only pay were the basis for value. In truth people (at least the satisfied ones) don't take jobs solely on the basis of remuneration. There are lots of studies on this, here's a meta-study just to pluck on off the Internet: http://imondrow.blogspot.com.au/2011/01/relationship-between...

      That's not to say we shouldn't pay nurses and teachers more but improving their often awful work conditions would probably do more for their job satisfaction than higher pay.

  •  
    axeteve on 29/08/2012 - 11:31

    nurses get paid less, as they serve you, rulers (ceo's / coo's) are highly paid because they rule you. Call it bad or sad but this is the way people / society think and work.

  • +1 vote
    parisienne on 30/08/2012 - 09:59

    Ummmm,yes….until said CEO/COO needs to have their/their wife/their husband/their child's etc life saved (then what are we worth ?).It's "funny" how we nurses are seen as nothing more than "servers"…..until you want us to deliver your child and then prevent the pair of you from dying.

  •  
    asrey1975 on 01/10/2012 - 12:37

    Gratz on your new job. BTW, I was on that rate a couple of years back. Just on thing though, you should be engaged as a Commpany/Trust.

    I used to use CXC as my payroll company but they were too damn expensive ($10k per year to pay money into your account and print a weekly invoice). About to drop them (and the job placment agent) and go direct with my own company. If you dont already have one, talk to your accountant/financial adviser and find out why you should do it right away :)

    Even if taxes etc are all equal, I'm sure you'll agree, you dont want to pay someone $10k per year just to bill someone and put the money in your account when you can get an accountant/book keeper for about $3k.

    I'd rather have the $7k :)

    Enjoy!

  • +1 vote
    uccoffee on 02/10/2012 - 18:05

    850 a day? do u want to hire an assistant? and graphic designer?

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