Sunday, 22 June 2014

On Taxable Income

The house seems to absorb the cold throughout the day & unleashes it upon its occupants at night. I'm gonna have to get myself some gloves soon. My fingers are bearing the full brunt, turning so stiff that I can't even click on the mouse properly. Migration takes you out of your comfort zone & pushes you to what you think are your limits. Then you surprise yourself by surmounting them & 1 day, all these will settle to become your way of living. Just like driving, it's part & parcel of life in Perth. I've always loved this quote from the Gosho. "Suffer what is there to suffer, enjoy what is there to enjoy. Regard suffering & joy as facts of life, & continue chanting NMHRGK no matter what happens." The "good" & the "bad" coexist together. To enjoy what Perth has to offer, you'll also have to accept the "bad". But who says bad is bad? If you refused to be defeated, seemingly bad circumstances & situations will polish your character.

I'm sure tax in Oz is higher than in SG. But I've come to realised that it's not as bad as what misconceptions led me to believe. I was chatting with 1 of my colleague & realised that everyone except the CNM is working permanent part time. I suspected as much coz I noticed everyone is using the time sheet. Why will you need to submit your working hours if you're a full time staff? You'll only have to report hours in excess of 38 per week for the overtime pay. Although we're part timers, I noticed some staff work more than 38 hours & I've been told I can work more than the 20 hours stated in my contract if I want to.

Filling in all the necessary forms for this new employment, 1 of them was the TFN form for tax purposes. I was asked if I would like to claim tax free threshold for the 1st $18.2k for this company. It's a yes for me since this is my 1 & only job. This means the 1st $18.2k I earn is tax free. Then, I have the option of using salary packaging which takes out $15.9k from my pre-tax salary. So that works out to be $34.1k that's tax free. If I earn $70k a year, I only pay tax based on $35.9k. This works out to be $6821 based on this table I got off the ATO website. That's 9.74% tax compared to the 20% everyone say I have to pay. Not as bad as we thought isn't it?

6 comments:

  1. Congrats on landing the job :) its will be a long while before i have my chance in Aust.

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  2. The terms you use are unfamiliar to me. Tibetan or Japanese Buddhism?

    Buddha overcame preconceived notions and physical hardships on his path to attain enlightment, there's no reason we cannot do the same. Keep enjoying your migration experience :)

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    1. Hi RealGunners! It's Nichiren Buddhism, originated from Japan based on the lotus sutra. Yes, we can definitely win over adversities if we refused to give up.

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  3. It's hopeful reading your post! Would you have tip, guide or link to share on building effective CV in landing a job in oz? Greatly appreciate thoughts!

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    1. I used the format advised by a friend for my AHPRA registration & have been using it for everything. But later on, many friends here told me you can omit some personal details like date of birth, gender, address as they're not supposed to discriminate against age or sex. Everyone is supposed to have an equal chance at employment.

      Your cover letter is very important as it's the 1st thing & sometimes the only thing (so I've been told) they read. So highlight your strengths & achievements specifically to the job you're applying for. If you have PR or work visa, put it in your cover letter too as they're more likely to hire someone who doesn't require sponsorship.

      You have to provide at least 2 references who are in the supervisory roles. They'll definitely do the reference check. They're also very big on local experience so if you have it, do list it in your CV. I think most importantly, your most recent work experience needs to be relevant or similar to the job you're applying for. (The major operating theatres won't even consider me with my eye OT experience.) A lot of times, there're lots of applicants fighting over that 1 position. So you need everything you can to give you an edge over the other applicants.

      Bring as much money as you can so you don't get too stressed out like I did. Hope this helps. Good luck in your job hunt!

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