Case Study Comparison | Prosperity Payrolls | Australia
Without Packaging
With no salary packaging and no ability to offset business-related expenses, you will be taxed on your full income less the compulsory superannuation contribution of 10.5%:
Gross income (160 hours @ $100 per hour) | $16,000.00 |
Deduct super @ 10.5% | -$1,520.36 |
$14,479.64 | |
Deduct income tax on $14,479 | -$4,407.00 |
Less PIPL insurance | -$95.00 |
Net Monthly Income | $9,977.64 |
With Prosperity Payrolls Packaging
By using Prosperity Payrolls’ salary packaging, your net monthly income increases:
Gross Income less $1.55 fee (160 hours @ $98.45 per hour) | $15,752.00 |
Deduct Expenses | -$500.00 |
$15,252.00 | |
Deduct super @ 10.5% | -$1,499.29 |
$13,802.71 | |
Deduct Income Tax on $13,802 | -$4,163.00 |
Net Monthly Pay | $9,659.71 |
Add Tax-free Expenses | $500.00 |
Net Monthly Packaged income | $10,159.71 |