With the tax year ending 30th June coming to a close, its a good time to reflect on how good or bad the previous 12 months have been for you.
Go to your bank statements. Pull out all the deposits as your salary / income generated. Add that up to give you your gross income earned for the year.
Once you have done that, divide that by 2,000 which is approximately the hours you work in a year with MINIMAL overtime.
So if your gross income per the bank statements comes to $75,000 then dividing that by 2,000 gives $37.50/hour.
That number gives you the hourly rate you earned in the last financial year.
Of course if you run a business, then car running costs like rego petrol green and pink slip, accounting & tax preparation fees, administration costs, costs of purchasing goods used, insurances (public liability, car insurance, theft & pilferage insurance), training should be reduced from the gross income earned.
If your hourly rate is below $42/hour recognise that you are being underpaid. With inflation going up and with minimum rates being paid as $42/hr to $45/hr you are going backward each year, especially with rising inflation.
If you want to change this, provide your details at https://www.electricianxchange.com/Help/ and we will find you options - guaranteed. We have over 7,000 employers regularly reviewing our site and the rates paid are $42/hr upwards with CEC accredited A-Grades, Industrial Electricians and EBA based electricians getting $55/hr plus.
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