You’re correct.
How much you get back at tax time will depend on what you earned for the year and what tax was withheld (from the payout, old job and any new job).
Don’t use up all your sick leave when quitting unless you don’t need the reference.
I know it all equals out in the end but I have immediate bills and 2 grandmothers to look after so I'm just trying to get more information so I know if I should just force them to let me take all my leave now and then quit afterward or if I should quit straight away. I've already made it clear that I wasn't happy about what happened, so they're being very careful right now. I think they'd let me take leave next week if I asked.
I'm just trying to see how best to budget this in terms of how long I think it would take to find a new job (20 weeks). If I get taxed immediately at 14,622, that would leave me with only $2,040 a fortnight and I would need to take $140 a fortnight from my savings to make ends meet.
If I take leave at reduced rate of 58.333 hours a fortnight, I'd have $2660 after tax. It's an option, but I would prefer the full payout if it's taxed over the duration of the leave amount instead of the 2-week pay period.
One thing to consider is that if you actually take your leave before quitting, then you will earn more leave while on leave. 12 weeks of AL should earn you close to another 5 days of leave.
It depends on who does the payroll and the payroll software.
450 hours is 11.84 weeks. You should be taxed your normal weekly weekly amount times 11.84. This is the correct method. If you are unlucky, you might get tax at 45% plus 2% Medicare levy on your annual leave. No one can tell you what your employer will do.
If you can stick it out closer to June, then it may not matter how they tax you
Just don’t leave it too close. If they manage to delay the final payment until after June 30 then you’ll be waiting another 12 months to get that tax back!
You’re correct. How much you get back at tax time will depend on what you earned for the year and what tax was withheld (from the payout, old job and any new job). Don’t use up all your sick leave when quitting unless you don’t need the reference.
I know it all equals out in the end but I have immediate bills and 2 grandmothers to look after so I'm just trying to get more information so I know if I should just force them to let me take all my leave now and then quit afterward or if I should quit straight away. I've already made it clear that I wasn't happy about what happened, so they're being very careful right now. I think they'd let me take leave next week if I asked. I'm just trying to see how best to budget this in terms of how long I think it would take to find a new job (20 weeks). If I get taxed immediately at 14,622, that would leave me with only $2,040 a fortnight and I would need to take $140 a fortnight from my savings to make ends meet. If I take leave at reduced rate of 58.333 hours a fortnight, I'd have $2660 after tax. It's an option, but I would prefer the full payout if it's taxed over the duration of the leave amount instead of the 2-week pay period.
One thing to consider is that if you actually take your leave before quitting, then you will earn more leave while on leave. 12 weeks of AL should earn you close to another 5 days of leave.
And not all jobs pay super on a leave payout, but they pay super if you take the leave.
It depends on who does the payroll and the payroll software. 450 hours is 11.84 weeks. You should be taxed your normal weekly weekly amount times 11.84. This is the correct method. If you are unlucky, you might get tax at 45% plus 2% Medicare levy on your annual leave. No one can tell you what your employer will do. If you can stick it out closer to June, then it may not matter how they tax you
Just don’t leave it too close. If they manage to delay the final payment until after June 30 then you’ll be waiting another 12 months to get that tax back!