All Topics / Heads Up! / Superannuation

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  • Profile photo of Fudge111Broz00Fudge111Broz00
    Participant
    @fudge111broz00
    Join Date: 2003
    Post Count: 245
    October 10, 2003 - 12:22 am

    Hi Steve,
    In the chapter when you show how a annual salary is much lower when you allow for your tax payments, etc, you take of the superannuation aswell.

    I know that super is paid 9% on top of your annual salary, so why is this deducted in your book,

    Thanks heaps,

    Fudge111[8D]

    Profile photo of Steve McKnightSteve McKnight
    Keymaster
    @stevemcknight
    Join Date: 2001
    Post Count: 1,763
    October 10, 2003 - 12:28 am

    Hi,

    I just wanted to show that a gross salary needs to have super deducted from it to form a net salary, and then that income tax is levied on the net rather than the gross salary.

    Cheers,

    Steve McKnight

    **********
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