Showing posts from May, 2019

Australia: My Experience With The Stock Market - Part 4

Aside from stonks, I was also researching about ETFs (exchange traded funds). It's like mutual funds but no. Then I came across spaceship voyager  then raiz .  If you want to know more about the two, you can refer to this  article . Below is a summary: 📌Make sure you understand the product and the risks involved before investing.  Source: Update: I opened an account with Raiz and will do a review after a few months 😊 . If you want to get started, maybe you can use my referral link here  to have  $5 for me, $5 for you! Thanks!   

Australia: How much Is My Net Salary? - Medicare Levy and Net (Part 3)

Medicare gives Australian residents (permanent residents and citizens) access to healthcare. It is partly funded by the Medicare levy which is 2% of your taxable income . You pay a medicare levy in addition to the tax you pay on your taxable income . You'll know that when you receive your NOA (notice of assessment). Below is a sample NOA I got from the web and since we haven't file any yet, I can't verify the proper presentation. I think it will be similar with the NOA in Singapore where it will show the calculation and tax payable. In the Philippines, we do not have any NOA since we have the so called 'substituted filing' with some exceptions (Professionals whose income and/or have multiple sources of income and those who exceeds the threshold needs to file an annual ITR).  You may get a reduction or exemption from paying the Medicare levy depending on your (hohusehold) income and it will be determined from the information you provide in your tax return. You

Australia: How much Is My Net Salary? -Superannuation (Part 2)

Superannuation, often called super, is money you set aside during your working life to provide an income to live on when you retire from work. Currently employers must by law contribute 9.5% (until June 2021, 10% from July 2021-June 2022, 10.5% from July 2022-June 2023, 11% from July 2023-June 2024, 11.5% from July 2024-June 2025, 12% from July 2025-June 2026 onwards.) of an employee's ordinary time earnings (OTEs are what you generally earn for ordinary hours of work like bonuses, allowances etc. OT is not included)   into a super fund. Super contributions are remitted at least every three months (quarterly). Employers have 28 days after the end of each quarter to make the payment. Also, there is a maximum limit on any individual earnings base for each quarter. The maximum limit (FY 2018/19 is $54,080 per quarter) is indexed each year and is announced by ATO. Example: If Joe salary is $250,000/year. His employer has to contribute $54,080 x 9.5% per quarter only. (For me, I feel

Australia: How much Is My Net Salary? - (Tax) TFN Declaration Form (Part 1)

To know how much is your net salary, we'll discuss first some basics. Once you are employed by the company, the common list of forms that would be typically handed out at the commencement of employment are TFN Declaration form, Superannuation choice form, Fair Work Information Statement, Contract, New Employee Form (internal document to capture banking details and emergency contact). Question 1 - TFN: It is not an offence not to quote your TFN. However, if you fail to quote your TFN after 28 days, the employer must withhold an amount at the highest marginal rate plus medicare levy from any payment made which is 47% as of writing. (TFN is also quoted to the superannuation fund when making a contribution) Question 6 - Basis of Payment: If you are in doubt as to which category to fall under, check with the payer. A full-time employee has ongoing employment and works, on average, around 38 hours each week. The actual hours of work for an employee in a particular job or

Brisbane: Things To Do

Once you are here down under, don't stress yourself too much. Slow down and enjoy the moment. Yes, enjoy the moment as it comes.                                                                                                                                                                                                                               

Driving in Queensland - Part 2 (Written)

Continuation... We decided to get an L licence on the first week of January 2019. I think it was a good way to start the year. We chose to do the written online exam so we registered on the website and went to the nearest centre beside St. Stephen Cathedral to pay the fee and confirm our identities. You can pay online first then do the exam. The online exam will take you 4-6 hours to finish depending on your pace and is valid for 12 months. Because we were so excited, we finished it in one seating (haha) for about more than 6 hours though. PrepL Home Page You need to acquire the 3 keys before doing the final challenge. Read the module (can't skip), pass the exam (16/20 correct) then the key. Your Driving Attitude  - discusses about the fatal 5, being a better driver, risk profile and driver values. Signs and Rules - discusses about road signs, giving way, parking and hazardous situations. Review well the 'giving way' especially on roundabouts and intersectio

Driving in Queensland - Part 1

Reference: Keys to Driving in Queensland If you are visiting Queensland and driving on a foreign licence, you can drive vehicles allowed under the class C licence. You must carry your licence at all times and if licence is not in English, you should carry a recognised English translation of it at all times. Three Months Residency Rules However, you can no longer drive on your foreign licence if: Australian citizen and have been residing in Queensland for 3 months. A permanent visa or a special category visa under the Migration Act 1958 and have been residing in Queensland for 3 months. Obtaining a QLD drivers licence Go to the nearest TMR office   and show your foreign licence and supporting evidence of identity documents (bring all like passports, birth certificate, grant letter, medicare card, atm card etc.). An application form and a customer reference number will be provided.  Pay the road rules test fee and pass.  Pay the practical test fee and pass. Have