Tax questions... how boring...

[ajackett110]

Hey guys, Just wondering a few things about tax...

At the mo I only just go over the Tax free threshold, so get about $5 taxed per week. Do I get all this back at the end of the financial year? BTW, i'm only a casual employee.

Also, I'm about to start a second job, but won't be able to claim the tax-free threshold. I think I'll be getting taxed 17c to the $1, but how much of that would I get back at the end of the financial year?

Cheers

 

[Nic]

Originally posted by ajackett110

At the mo I only just go over the Tax free threshold, so get about $5 taxed per week. Do I get all this back at the end of the financial year? BTW, i'm only a casual employee.

Yeah, good question, I need money. I'm fairly sure that's the case.

 

[Darky]

Originally posted by ajackett110
Hey guys, Just wondering a few things about tax...

At the mo I only just go over the Tax free threshold, so get about $5 taxed per week. Do I get all this back at the end of the financial year? BTW, i'm only a casual employee.

Not all of it, no... but the weekly provision for taking out tax is a little above what your final tax sum averages out to be.

Originally posted by ajackett110
Also, I'm about to start a second job, but won't be able to claim the tax-free threshold. I think I'll be getting taxed 17c to the $1, but how much of that would I get back at the end of the financial year?

Cheers

You'll have to do the sums with your payslips... look at what you have earned, and what tax has been paid. If your second job pays better than your first job, you'll get *******ed by tax and may want to swap which job has the threshold and which doesn't. You can do this at any time by filling out a new tax form for your employer.

Not claiming the tax-free threshold on a second job usually ensures that you will pay at least the amount of weekly tax that you would average for the year, and probably get a small sum back, but you'd need to do your sums to work out what's what.

If you've received any Centrelink benefits during the financial year, they become taxable as soon as your overall income exceeds $6000 UNLESS benefits were your sole income. So if you have received benefits for unemployment or study, and haven't had any/enough tax removed fortnightly, you may be up for a shortfall.

Probably better off posting this on the money issues board, usually no shortage of better-learned people to give you an answer.

It's not hard with the sums on paper in front of you, but difficult to put into words. PM me if you like.