Understanding your payslip is essential for calculating your income accurately. Here’s a streamlined method to determine your earnings:
Base Income Calculation:
Identify your base hourly wage
Multiply this hourly wage rate by the minimum number of hours you work each week
Example: If your hourly rate is $30 and you work a minimum of 38 hours per week, your weekly income would be $1,140.
Annual Income Calculation:
For weekly earnings, multiply your weekly income by 52
For fortnightly earnings, multiply by 26
For monthly earnings, multiply by 12
For bi-monthly earnings, multiply by 24
Variable Hours (Permanent Part-Time):
If your hours vary, calculate your income based on the minimum contracted hours per week. Please consider any hours beyond this as overtime.
Additional Earnings:
For non-base income like overtime or allowances, provide an estimated annual figure to be factored into your application assessment.
Please remember, the accuracy in these calculations is important to help us assess your application.