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27-06-2012 19:29 #11
27-06-2012 19:37 #12
Remember less at tax time as the PPL is income not a bonus
27-06-2012 19:38 #13Senior Member
- Join Date
- Sep 2008
sorry i havent read other replies. But given carbon tax is coming in next financial year it may affect the tax rates on any income including PPL...
27-06-2012 19:41 #14
28-06-2012 04:29 #15
I texted my friend last night to ask her how much her payments were and she said for ppl, she was getting $1178 a fortnight. Don't know how she was getting that much, but anyway.
28-06-2012 05:33 #16
28-06-2012 05:33 #17
$1178 a fortnight is the full amount - $598 a week. That's the amount you get for the full 18 weeks, but it is taxed. The good thing about next financial year is that you can earn up to $18000 (approx) without any tax, so depending on what you earn other than this PPL you could end up keeping the whole amount. So, yes, using the 2011 tax calculator is not going to tell you what will happen to your money as tax is dropping in the lower brackets quite a lot.
I got my PPL last year/early this year and I got it through Centrelink as I'm self employed. They took out 15% tax and so I got around $500 a week. For me, I thought it was great cause I was self-employed, so no paid maternity leave, and I had to pay expenses while I was on leave ... and earn no money!
So, there's 2 considerations - how much tax will be taken out in each pay cycle (which depends on how much you earn in that week/fortnight/month - whatever your pay cycle is) and how much tax will be taken out in the financial year (which depending on how much unpaid leave you end up taking/etc will vary a lot).
28-06-2012 11:07 #18
I'm struggling with all of this at the moment too.
So a quick Q, when using the online calculator, do you include the PPL in your estimated income? I never have. I've just put my estimate that I would get solely from working for that FY.
28-06-2012 11:45 #19
Hi, I'm new here, sorry for crashing! I just wondered, why does it ask for DH's salary on the online calculator? It really seems to effect my amount of ppl and I'm not sure why, as I thought it would be calculated on my taxable income (which is failrly low!). I'm just so confused by it all!
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28-06-2012 11:48 #20
By shy in forum Family FinancesReplies: 4Last Post: 20-09-2012, 14:24
By SugarplumMummy in forum General Parenting Tips, Advice & ChatReplies: 20Last Post: 15-08-2012, 00:43
By Doc in forum Family FinancesReplies: 6Last Post: 10-03-2012, 17:04
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