Coaching Centre
Chapter 3: Earning Money Notes
Wages, penalty rates, salaries, leave loading, commission, piecework, royalties, tax deductions, income tax, the Medicare levy, PAYG and net pay.
Sections
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3A Wages, overtime and penalty rates Mastered
Hourly wages, casual loading, overtime at time-and-a-half and double time, weekend and public holiday penalty rates, and working backwards to an hourly rate.
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3B Salaries, leave loading and bonuses Mastered
Converting an annual salary into weekly, fortnightly and monthly pay, comparing a salary with an hourly wage, annual leave loading of 17.5% and bonuses.
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3C Commission, piecework and other income Mastered
Flat and sliding-scale commission, retainers, piecework, royalties, earning as a sole trader, and government payments with an income test.
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3D Deductions and taxable income Mastered
Gross income, the ATO's three rules for allowable tax deductions, work-related expenses, working from home and car deductions, and calculating taxable income.
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3E Income tax and the Medicare levy Mastered
Using the 2026–27 resident tax table, calculating income tax and the 2% Medicare levy, marginal and average tax rates, and why a pay rise never lowers your take-home pay.
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3F PAYG, net pay and tax returns Mastered
Reading a payslip, PAYG tax withheld, other deductions from pay, superannuation, net pay, and working out a refund or a tax debt at the end of the financial year.