End of Financial year

In Australia, our financial year ends on June 30.  As such, today marked the start of a new spreadsheet of my annual earnings.

For all the years I was a student (six) and the first two of full time employment, I used to work casual jobs.  Even when I started as an engineer, I continued to do one night a week of note taking at university for payment, and scribed for exams.  In actual fact, I was alarmed to move to one sole source of income!

Thankfully, I work in an industry where overtime is generally paid for, and on great terms.  Work that doesn’t come right after your normal hours is a minimum four hour payment at between 1.5 to 2 times you normal wage.

In the first 4 years of my career, overtime was widely used, and I benefited greatly.  In the past year, it’s been less plentiful.  In the past six months, I’ve been acting in roles where overtime is no longer part of the payment structure, however, I’m on a higher wage than my formal classification, so in my mind, I’m still ahead.

Being the end of financial year, I reviewed my earnings, and my ‘additional’ earnings, here’s how things look:

Gross salary to extra earnings
Gross salary to extra earnings

Now if only I had a wonderful little graph to show where all the benefits of the extra spoils went!  Undoubtedly, a lot went into savings, mainly onto my mortgage offset account.  And naturally, some would have funded my very imminent trip to Japan 😀

This is better than last year, where I earnt an extra 7.8% of my salary, and 4.7% the year before.

Overall though, I’m incredibly lucky to have such a great and well re-numerated job, that still allows me to give back my time and energy to other causes (church, co op, SES and other ad hoc things like the Salvation Army Red Shield Appeal).  I’m not actively striving to earn any more money, but appreciate every dollar I’m given, and try to be the best steward of my money.  Rest assured, maybe 1% goes on chocolate… maybe I should ensure it’s fair trade 😉  (Though, I usually just buy what ever is offered as fundraisers in the office!)

So you have the opportunity to earn more in your normal job?  Do you take on additional work or side hustles to earn more money?  Or do you find your salary is more than enough for all your wants and needs?

11 Replies to “End of Financial year”

  1. Please don't remind me it is tax time. I usually turn off the tele if tax ads come on. Have to get a move on before the ATO drags me away. Only consolation: current federal govt is downsizing the tax office so there will be fewer tax officers to find me.

    As to my salary – my job allows no overtime. According to our award we work 7 hours – yeah, right! What a joke. I did do HSC and NAPLAN marking but now have little energy. I'm in a promotion position so find my salary is fine. I know compared to private industry I earn a pittance (and I don't mean compared to private schools, but I earn significantly less than them too). Had a friend who just got his bonus – over $300,000 for this year. Mmmm. Not bad. Still, I am happy with my job and my income. And love the extra weeks I get off. Eleven nights in the snow! Not bad at all.

    All the extra hour things I do, I see as my contribution to volunteering. Parents, students and the community benefits from them all. (I think many parents think we get paid for the extra hours.) I used to volunteer at my sons' sporting clubs too.

    1. Ditto Lucinda as we're in the same field. However on the private school front: 3 out of the 4 private schools I've worked for in my career paid under the government award. Most of the private school awards are linked to Government and Catholic pay scales. Just a few 'big name' schools seem to pay much more.

      1. I cannot believe that private schools are paying under the award – you wonder why people take on the job (oh wow, that's the word of a 'award' based employee, isn't it!!) Or do you mean it ends up being less pay per hour than the award?

    2. My mother has done many years of HSC marking, but not Naplan. But it's taxing, to add on top of her usual hours.

      I can't imagine what people do with a $300k bonus, it just seems out of this world to me! But I'm sure it comes with many strings.

      I think it's open hearted of you to see your extra hours as volunteering – they essentially are if they are not paid! Actually given the amounts teachers are paid, it's seldom for the pay. You are shaping the minds of the future, sometimes even more so than some parents!

  2. Nice! It's a great position to be in when you're comfortable with your salary like that. My boyfriend works at a place where overtime is pretty much the norm. Their normal work week is 48 hours, and he always tries to stretch it to around 51, if not more. It really is great to have access to overtime. When I worked at my old job, I always tried to get extra hours in, but then they cracked down on it. I guess they were getting a bit cheap =).

    1. I can't believe a normal week is 48 hours! I think the 'normal' working hours here are 38-40hrs, but I know Australians work a lot of unpaid, unrecorded 'overtime'. I know I most certainly work more than 40hrs most weeks in this role.

      The guys I work with have certainly noticed the crackdown from the good old days. I really worry that some of them might have set their whole life up expecting OT, and now they don't get much at all :s

  3. Our tax year matches the calendar year, and tax returns for the previous year are due by April 30.

    I have a professional salary as well, and although it doesn't keep pace with the private sector, it's a government job so I have better job security and benefits than most, especially the pension plan (although I do have to remind people that the pension plan is not a free benefit: I pay 12% of my salary into it!)

    As a manager we are required to work overtime as needed. We can claim an equivalent amount of time off, but it's hard to schedule. It does help me slip away for personal appointments, though!

    I don't earn any extra money on the side because I value time off more than extra income right now.

    I'm curious what co-op you belong to, Sarah?

    1. I think our returns are due by October. I usually try to get mine in quickly, as to date I've got a return. I hope that continues!!

      I actually agree with you about valuing the time off – the BF is thinking of taking a casual job in addition to his day time job, and whilst initially the lure of more cash was great, as he's been thinking about the two night a week commitment, he's less sure… I can empathise. I find with unpaid voluntary work, it's a little easier to shrug off the commitments at times when you need a break.

      Where I buy my food in bulk is a food co-op. It's called Alfalfa House. We actually did stock take there the other night (also due to the EOFY). I only buy a few ingredients there, but I started using them as I can buy in bulk/zero waste.

  4. It's great that you are satisfied with your salary, Sarah. 🙂 Not many people I know would say the same.

    Yes, occasionally extra responsibilities are offered for extra pay. I wouldn't quite call it overtime because the pay is a flat rate for that work, so who ever gets the job will be paid that amount regardless of their job title, experience, etc. (And for that reason, usually only people in the first few years of their career will volunteer because the hourly rates are barely above the starting rate.) But I apply sometimes (depends on the requirements) because more money means I'll be free of mortgage debt sooner!

  5. Fortunately my primary salary is enough to comfortably live on, but a new policy was recently instituted at work to allow for paid overtime when there's sufficient backlog to warrant it. I haven't calculated what percentage I've earned over and above my base salary yet since this is the first year it's happened, but it will be interesting to see how things fare at the end of the year.

    1. It's very interesting to see how things go – I thought that past years would have been a higher % over my base, cause the extra pay has really dried up of late, but it seems 'acting up' is profitable more than I realised!

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