| ▲ | jeeeb an hour ago | |
Superannuation is not a tax. It’s a compulsory retirement saving/investment scheme. However to calculate total income taxes you do need to include the 15% tax on superannuation contributions. If your pre-tax take home salary is $100k AUD, then your total salary package is 111.5k including the 11.5% compulsory employer superannuation contribution. You’ll pay regular income taxes + 2% Medicare levy on $100k and your $11.5k super contribution will be taxed at 15%. So your total income tax including the Medicare levy (but assuming you don’t pay the Medicare surcharge or claim any deductions) will be $24,513. Giving an effective tax rate of 20.2% There are no state or local income taxes in Australia so that’s it for personal income taxes. However states do charge payroll tax on most companies payroll (e.g. 4.85% on annual payroll over $1M in the state of Victoria for companies in the Melbourne metro area). | ||