RichardP Posted September 5, 2012 Share Posted September 5, 2012 So we've had the week we've dreamed of for about 18 months - about to exchange contracts on our house and have a job offer from my company in Melbourne. So I've done some research based mainly on posts on PIO regarding cost of living but just wanted to pose the question to those that know from experience..... I'm on £43k in the UK and have been offered $110k + super. Is this equivalent, better or worse ? We have a little boy so we don't spend a lot of money eating/drinking out. We pay about £400 per month on childcare and £1200 on mortgage so we don't have a great deal left at the end of the month. My wife is a hairdresser so should be able to work from home and earn more than she does in the UK and still cut down our childcare costs. Without giving all the detail, by my calcs including my wife's income we should have up to $2k per month left overafter all essentials are covered. That's a lot more than we have now. All advice welcome please. Link to comment Share on other sites More sharing options...
Claretjon Posted September 5, 2012 Share Posted September 5, 2012 Apparently the rule of thumb is to double your UK wage from sterling to aus dollars, if that makes sense? Based on that, $90,000 would be a good result so you certainly seem to have a good offer Link to comment Share on other sites More sharing options...
wakeboard1980 Posted September 5, 2012 Share Posted September 5, 2012 So we've had the week we've dreamed of for about 18 months - about to exchange contracts on our house and have a job offer from my company in Melbourne. So I've done some research based mainly on posts on PIO regarding cost of living but just wanted to pose the question to those that know from experience..... I'm on £43k in the UK and have been offered $110k + super. Is this equivalent, better or worse ? We have a little boy so we don't spend a lot of money eating/drinking out. We pay about £400 per month on childcare and £1200 on mortgage so we don't have a great deal left at the end of the month. My wife is a hairdresser so should be able to work from home and earn more than she does in the UK and still cut down our childcare costs. Without giving all the detail, by my calcs including my wife's income we should have up to $2k per month left overafter all essentials are covered. That's a lot more than we have now. All advice welcome please. Mate your salary figures look very familiar. We went to Sydney from Manchester and are now in Chester. We survived there and here. Those figures look ok, especially if your missus is working as well. What visa will you go on? Link to comment Share on other sites More sharing options...
RichardP Posted September 5, 2012 Author Share Posted September 5, 2012 Mate your salary figures look very familiar. We went to Sydney from Manchester and are now in Chester. We survived there and here. Those figures look ok, especially if your missus is working as well. What visa will you go on? We're going on a 176 visa. i get a bonus and 2 for 1 shares as additional benefits in the UK which bump me up to about £51k but I haven't yet found out if they are offering a bonus with the new job so thought I'd keep to base salary figures for the discussion. Sounds like we're going to be ok :biggrin: Link to comment Share on other sites More sharing options...
Dan Collins Posted September 5, 2012 Share Posted September 5, 2012 Hi Richard Well, sounds like a brilliant week. I posted something similar last night regarding a prospective move to BrisVegas (Brisbane). As I'm from Melbourne, I think a $110,000 is good income, though as nice as it sounds, alot will be offset by higher living costs. Check out this link for more info http://www.liveinvictoria.vic.gov.au/living-in-victoria/cost-of-living/cost-of-food-and-groceries . Where you move can also make a difference to your standard of living, as the house costs will be considerably higher in some areas, but can't say too much more there without more info. You might also have to pay a road toll to get to work but it might be worth the sanity. Car costs are going to shock you, but if you have one car, with you taking the train to work, you might enjoy a better standard of living. You might also want to consider health insurance too, particularly if you've never had it before. Only a few years ago you paid more tax if you didn't have an approved hospital cover with a registered health fund, but now this is not a problem at your stated income. Still, check out the info on rebates you will get on taking out cover http://www.privatehealth.gov.au/healthinsurance/incentivessurcharges/mls.htm . Family Assistance You have one child, then you may be eligible for some family assistance, but Family Tax A does start to shade out just below your income. Bugger! However, this will all depend on the future number of children in your family and any tax deductions. There are two types of assistance though, Family Tax A & B. They are kind of like the Child Benefit here (UK), though you can earn up to $150,000 and get Part B. Quite a contrast to the rules that come in January 2013 in the UK. I did a blog on this recently http://www.poppyredifa.co.uk/news/articles/child-benefit-planning.aspx <<Moderator, this is relevant information - I think. Please delete this link if it is a breach, as not keen to get on the wrong side of PIO, but think it is relevant to compare the treatment of family benefit in Aus to Child Benefit in the UK on higher incomes. There's a big difference. Cheers >> Whilst you may be unlikely for Part A, it will all depend on your assessable income. Get familiar with this website http://www.humanservices.gov.au/customer/enablers/centrelink/family-tax-benefit-part-a-part-b/ftb-b-income-test as your wife's second income could affect things, but not if it is below around $5000. Her work might take time anyway to reach this level. Call Centrelink in the UK on 0800 1695 865 (at no cost) to sound out how your situation might be. These guys are as keen as HMRC, so if you're overpaid, they will come looking for their money back. It's always best to overestimate your income, though given you'll be employed, this might be unlikely a problem. It's always a nice surprise to get something back. Child Care This will be expensive, but if your wife is working from home, you should be able to keep it at a minimum. You would be able to get some support at your income, but do look at this link for more info http://www.humanservices.gov.au/customer/enablers/centrelink/child-care-benefit/income-test Also, there is a handy estimator here too https://www.centrelink.gov.au/RateEstimatorsWeb/publicUserCombinedStart.do Anyway, I hope that helps. Cheers Link to comment Share on other sites More sharing options...
RichardP Posted September 6, 2012 Author Share Posted September 6, 2012 Thanks a lot Dan & everyone - some great advice there. Link to comment Share on other sites More sharing options...
rikyuu Posted September 6, 2012 Share Posted September 6, 2012 in my experience, that would equate to about 55-60k GBP Link to comment Share on other sites More sharing options...
RichardP Posted September 6, 2012 Author Share Posted September 6, 2012 Happy days ! I'm gonna blow the lot on fast cars :biggrin: Link to comment Share on other sites More sharing options...
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