Hey guys, I may be living under the rocks, so not sure what these tax cuts are.
I make $116,100 annually in IT. My take home pay last pay period was $3281 but it has increased to $3381.
I joined this company in January 2024, so not sure if it is due to the tax cuts or I have been getting less pay in last 6 months lol. As per paycalculator.com, my net pay should be $3289.
Would anyone expert in finance shed some light here?
Cheers!
Yup. Probably updated PAYG.
OP obviously doesn't work in accounting.
yes tax cuts took effect on 1 July so could be that
But OP is asking the wrong people
best to check with your paymaster!
My take home pay last pay period was $3281
Just look at your payslip. Your fortnightly gross pay should be $4,465.38, before they deduct taxes.
It's 4453.15
That's strange….. you should check that out. By your fortnightly pay, you are earning $115,781 per annum
Hmm, weird it says $116,100 annual pay on top of payslip.
@pr0o: Maybe 115,781 is because this is a leap year, so there is one extra working day of the year, totaling the expected 116,100
Yes, new tax cuts are in effect from 1st July. I think you're looking at the FY2024 on paycalculator for that $3,289 figure. It's currently the 2025 FY and your pay should be $3,389 as per paycalculator.
Yep, I was looking at old FY. New FY shows increase of $100, that's good. Extra $2.6-$2.7k this year to play with.
I hope you vote Labor, mate.
Never voted, still PR, not citizen yet.
@ThithLord: Permanent Resident.
Good tax cuts by Labor, but don't worry, it'll all get re-absorbed in higher power prices, higher petrol prices, higher inflation, etc. etc.
Good tax cuts by Labor
Less that it was supposed to be…
it'll all get re-absorbed in higher power prices, higher petrol prices, higher inflation
It already has… This hardly makes up for it…
@jv: Depends on how much you earn.
Tax cuts are more for low income earners, but less for high income earners.
The way it should’ve been from the start.
@jv: Because inflation & the cost of living crisis impacts lower income earners more than it does high income earners. To prevent the class divide from getting worse. To prevent homelessness.
Do I need to go on?
@82norm: In short, yes.
That’s what a progressive tax system does.
Society needs low income earners, such as cleaners, customer service staff, retail workers, hospitality staff etc etc.
People who work in low income industries still deserve to live and afford life.
It’s easy to stand back and say they should get better jobs, but the reality is, it’s not about the individual. Society and the economy needs the positions.
Labour spending and mismanagment led to the rising prices, they pay themselves even more, charge you even more, then give you a minor "tax cut". The people who vote labour…
I may be living under the rocks
at Circular Quay ?
north rocks
Put last month payslip next to this month and check each of the lines.
If your pay hasn't gone up (gross)
Super salary sacrifice or you are on pay + super
Check PAYG withheld
Then you can tell where it has changed. If everything else is unchanged PAYG must have changed.
You obviously don't work in IT dealing with Finance but that is okay because I do.
PAYG has changed, less $100 per fortnight which means extra $2.6-$2.7k to me.
Hope I don't have to pay this back at the end of this FY :D
Don't forget to check that your super should have also increased….
Yep, increased, thanks
I checked mine has also gone up, must be the tax cuts as my PAYG tax for this time period was less than the previous week (weekly pay). Also might have something to do with employer increasing their super contribution. lets see what this weeks pay will be with a full tax week in the new FY.
No, super is separate to the tax cuts.
yeh it is separate but previously I have had it impact my take home pay, even though my employer agreed to increase their contribution by 0.5%
Depends, so many employers put total package pay in contracts rather than pay + super these days.
I actually had a pay cut last year when super rolled around because I was on a total package amount. Sadly I didn't notice because it was the same time we switched from monthly to fortnightly pay, by the time I figured it out I was looking for a new job anyway.
holy fark, your in IT aswell and earning $112000 a year, doing what?
Turning things on and off
off and on
.
yes, ever since they switched roles.
cross skilling between off and on practices
112k is pretty low in the IT industry. I work with junior engineers/product managers on more than that.
112k is pretty low in the IT industry
The IT industry is so vast that you'll have to be very ignorant to say something like that.
What if they are fresh out of university with 1-2 years of experience? Or maybe even no experience? You don't know people's circumstance and just throw out such a stupid generalisation.
ummm im in IT and im not earning over $90000 full time.
@jv: ohh goverment where you dont work full time but on contract. no thanks, i like to know i have a job in 6-12 months with holidays and sick leave paid.
@sandman20104159: Government also has full time employees
Or you can also look up local government work too
The average salary in Australia for "IT" as a sector is $104,708. That's the average.
Literally everyone I know that works in IT, specifically engineering and product development earn much more than this.
I have 3.5 yr of work experience, started with $59k in January and now $116k in 2024, i think i am doing fine.
For someone with very little work experience, earning $116k is great, well done!
Not really considering you can off-shore most these works for about 30k a year (and that's being generous)
Every off-shore mob I've worked with has (a) cost a lot more than 30k a year and (b) end up causing more problems than they're worth.
@coffeeinmyveins: They don't know where to look.
Not sure why someone negged me, I'm not condoning hiring off shore workers. Just stating a fact
haha yes, turn things off and on
| Thresholds in 2023–24 ($) | Rates in 2023–24 (%) |
|---|---|
| 0 – 18,200 | Tax free |
| 18,201 – 45,000 | 19 |
| 45,001 – 120,000 | 32.5 |
| 120,001 – 180,000 | 37 |
| Over 180,000 | 45 |
| Thresholds in 2024–25 ($) | Rates in 2024–25 (%) |
|---|---|
| 0 – 18,200 | Tax free |
| 18,201 – 45,000 | 16 |
| 45,001 – 135,000 | 30 |
| 135,001 – 190,000 | 37 |
| Over 190,000 | 45 |
Blame Labor. Literally.
love labor, now i make $100 per fortnight more and my pay raise has not kicked in yet.
Wow…. That should at least cover 20% of the price increases of everything due to inflation !!!
For reducing the tax cuts.
As a side note, its a bloody shame that these tax cuts are heralded as a great government cost-of-living relief when they haven't been adjusting the tax brackets for years.
Each year everyone's salary gets adjusted by ~inflation%, but the tax brackets remain unadjusted, so by just earning the same salary adjusted for inflation, you're moving up in tax brackets every year and paying more tax.
This is the first tax bracket revision in how long…?
Since 2020. And that was brought forward from the proposed 2022 date because of the economic impact of covid. There was an adjustment before that in 2018.
Bracket creep is a known problem and that was the point of the stage 1-3 cuts over the past 6 years. Stage 3 was adjusted to better support the lower end (and rightfully so, the wealthy need a tax cut like a hole in the head, considering the concentration of wealth at the top end).
What is tax
monies that pays for centerlink, medicare and other gov facilities
So half of the ozbargain members
i think not. most of them should be smart with money as they are on bargain site.
I’m more depressed with have Albo lovers on this forum.
Obviously more needs to be spent on education?
To be fair, both Libs and Labs are the same party. They agree on almost everything. Yes, there are some petty differences, to create an illusion of choice, but neither will let the public decide important issues. Economics = no say. War = no say. Civil rights = no say. But, Identity politics = yes, how genders are you? Let’s debate that one!
Is your super included in your total salary amount? I have seen that with the compulsory super amounts going up that employers who have packages such as '75k including super' rather than '75k + xx% super' are receiving less.
Is your work hiring :)
Tax cuts?