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Posted 29 January 2013 - 01:18 PM
My DH just received a pay rise - but we have just noticed on his pay slip the company are taking about 200.00 more tax out each week than they should be! - Does this mean he will just get it all back at tax time?? - He is going to raise it with them tomorrow. have been looking at the Pay calculator online aswell as manually - and we just can't understand why they are taking out soo much ???
Posted 29 January 2013 - 01:25 PM
Did you factor in the 1.5% "Medicare Levy"? For some reason this doesn't come through on the ATO's Online tax calculator - presumably because it isn't officially an "income tax" as such? Even though it really is - above a certain income level we all pay it and there is no way out of it, so I don't understand why their calculators ignore it.
Note this is NOT the same as the Medicare surcharge, which can be avoided by having private health insurance. The Medicare levy is across the board irrespective of your PHI/Medicare status (when I first lived here I had to pay the Medicare levy even though I wasn't eligible for Medicare benefits at all!). It doesn't even go to a special fund. As far as I am concerned it's an income tax in disguise!
Posted 29 January 2013 - 01:25 PM
You could ask them why they are taking so much tax out. Your tax payments/liability will be reconciled when you do your tax return. Did he fill in his PAYG declaration properly - usually questions for tax free threshold and HECS/HELP are the main issues.
Posted 29 January 2013 - 01:28 PM
If they are taking out too much tax, then he should get it back come tax time.
The only thing I can think of, is that for some reason they are not giving him the tax free threshold, which would mean that he is being taxed at a much higher rate.
I don't claim the tax free threshold, so I get taxed at a higher rate, I am also (voluntarily) paying taxes on my centrelink payments, so when tax time comes around, I'll be getting a substantial amount of money back.
I, personally, like doing things this way, as I do have issues with saving, and I don't miss that money each week/fortnight.
Posted 29 January 2013 - 01:31 PM
Either way, yes, if it's an error he will get it back at tax time.
Posted 29 January 2013 - 01:47 PM
Agree with PP, he may not be getting the tax free threshold. Or they may have miscalculated. Mistakes happen.
Posted 29 January 2013 - 01:55 PM
My DH actually doesn't claim his tax free threshold so pays about $200 a fortnight more in tax than he has to - then he gets a large return at tax time which it more handy to us than if we got it fortnightly.
Basically the ATO will work out what he should have paid, see what he did pay and refund the difference if he over paid.
Posted 29 January 2013 - 01:57 PM
thanks for your replies - Yep Medicare is already calculated - Their payslips are a bit wierd - they just got a new Finance person so i think they will change - Yep am waiting for tax time - it's going to be a bonanza
Posted 29 January 2013 - 08:47 PM
No LOL! - which it was HECS - he has thought about doing uni for about 10 years!! never happened - He will speak to his employer asap...
Posted 30 January 2013 - 06:13 PM
Yes it would, but then dh would spend it as he has no self control with money. It's better to get the lump sum instead.
Posted 31 January 2013 - 05:57 AM
LOL peppery!! - you never know - he is just on 40 now he thinks he is too old!!
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