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Vic Wasteland Thread - 15.0

R31Nismoid

By R31Nismoid,
in Victoria

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blah_blah
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This is where the cost of a Tax accountant that knows what they are doing outweighs the costs   FYI $300/h

Mohsen
Mohsen

this has been covered many times before on this forum, please use the search function.

Mohsen
Mohsen

tokyo is so f**king cool.

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Birds Grand Master

Birds

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So work floated a concept past the team.

Work for 4 years at 80% pay & then have the 5th year off.

Interesting concept.

Thoughts?

My maths might be out of whack, but how does this create an advantage other than for people who don't know how to save money? Like can't you do 4 years at 100% and take a year off for the same result?

Birds Grand Master

Birds

Posted
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Let's have a look at the historical mean and standard deviation to see if it is a start to a shift. Could knock up an IMR chart.

Woah let's not get crazy...one tailed or two tailed?

joeyjoejoejuniorshabadoo Grand Master

joeyjoejoejuniorshabadoo

Posted
Posted

My maths might be out of whack, but how does this create an advantage other than for people who don't know how to save money? Like can't you do 4 years at 100% and take a year off for the same result?

Your maths is out of whack.

joeyjoejoejuniorshabadoo Grand Master

joeyjoejoejuniorshabadoo

Posted
Posted

So work floated a concept past the team.

Work for 4 years at 80% pay & then have the 5th year off.

Interesting concept.

Thoughts?

Do you get your annual leave in the 4 years aswell or is this a cunning ruse to get long term staff and rip everyone 4 months leave?

Rekin Grand Master

Rekin

Posted
Posted

Your maths is out of whack.

Your 5th year would be at the 80% salary rate along with the previous 4 years.

Would also assume it would be a 20% saving pre-tax so it would equate to a 80% paid salary on the 5th year.

Rekin Grand Master

Rekin

Posted
Posted

Do you get your annual leave in the 4 years aswell or is this a cunning ruse to get long term staff and rip everyone 4 months leave?

Well you are still working 100% of the time and annual leave is accrued for each hour worked. So I would assume it would still be the normal 4 weeks annual leave.

It will just be paid out at a 80% salary rate.

Birds Grand Master

Birds

Posted
Posted

Your 5th year would be at the 80% salary rate along with the previous 4 years.

Would also assume it would be a 20% saving pre-tax so it would equate to a 80% paid salary on the 5th year.

So aside from the tax benefit is there any other advantage and can we explain this to me?

Birds Grand Master

Birds

Posted
Posted

As far as I can tell, they're docking you 20% of your pay for 4 years and then giving it all back to you in a 5th year you're not working...unless it puts you in a lower tax bracket it doesn't seem to leave you any better off financially than if you just worked 4 years at 100%. It's like superannuation; sounds like a good idea for FIFOs who can't save money?

Only other advantage I can think of is that, unlike most jobs, you can take a year off / gap year for overseas trip / self actualisation journey and come straight back to it.

Rekin Grand Master

Rekin

Posted
Posted

As far as I can tell, they're docking you 20% of your pay for 4 years and then giving it all back to you in a 5th year you're not working...unless it puts you in a lower tax bracket it doesn't seem to leave you any better off financially than if you just worked 4 years at 100%. It's like superannuation; sounds like a good idea for FIFOs who can't save money?

Only other advantage I can think of is that, unlike most jobs, you can take a year off / gap year for overseas trip / self actualisation journey and come straight back to it.

Yeah probably the advantage is having a workplace willing to let you go for 1 year leave. The tax bracket benefit would be an added bonus.
Odium Grand Master

Odium

Posted
Posted

80% Salary = less chance for you to save money over 4 years and put into your mortgage or investments.

Then you're without work for a full year, and in my experience you have higher outgoings when you're not working as you've got so much extra free time to fill

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