Just wondering why hubby is taxed more over the course of a year being paid fortnightly than if he was paid monthly? Works out to be around $6000 over the course of the year more would we get this back at tax time?
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27-09-2012 15:01 #1
Any tax savvy people that can answer my question?
27-09-2012 16:38 #2
Well tax is based on your annual salary so if you are paid fortnightly your salary is calculated as eg.$1000/2 x 52 weeks ie $26000
But monthly is $2000 x 12months ie $24000
When you lodge your tax return your tax payable will be calculated based on what was actually earned and you will get back any extra you may have paid.
Hope that makes sense!
Eta this is based on earning $1000 per fortnight
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