can someone explain tax stuff to me? (1 Viewer)

[spin spin sugar]

i'm curious about tax. like say i earn $450 dollars one week, how much of that will actually be deposited into my bank account? do we get our tax back or anything nice like that cos we're students? can someone explain the deal? i havent worked for years and i didnt pay attention to thisstuff back then

 

[braindrainedAsh]

I wish we got our tax back!!!

Basically your employer should take out the amount of tax based on how much you will think you will earn this financial year. Sometimes they take out too much tax... then you get a tax refund. If they don't take out enough tax, you get a tax bill...

That's my basic understanding of the system anyway.

 

[toisthbe]

Originally posted by braindrainedAsh
I wish we got our tax back!!!

Basically your employer should take out the amount of tax based on how much you will think you will earn this financial year. Sometimes they take out too much tax... then you get a tax refund. If they don't take out enough tax, you get a tax bill...

That's my basic understanding of the system anyway.

not necessarily, depending on your job, depending on your employer, some employers will do your tax for you, some dont.

my job at EA, they deposity exactly how much you earn, and leave you to do your tax yourself.

you have go to ask your employer are they doing it for you.

 

[spin spin sugar]

i totally don't understand how that works!!! now i am doubley confused

 

[spin spin sugar]

toisthbe: i'm pretty sure i'm paying the tax as i earn- i had to fill out tax details etc when i started working there

 

[toisthbe]

Originally posted by spin spin sugar
toisthbe: i'm pretty sure i'm paying the tax as i earn- i had to fill out tax details etc when i started working there

to your original quesotin, you will obviously get what it says on your pay slip (on the pay-slip, you will also see tax deductions, im pretty sure)

 

[spin spin sugar]

urggh... i dont know if i'm even GETTING a pay slip or what. i hate being such a newbie

 

[Soma]

even if theyre putting it straight into an account u should still ask for a payslip so u know they have done it correctly, u shld ask for one, also the first $6000 earnt is taxfree so u should get money back at the end of the year if you have earnt less than $6000

 

[spin spin sugar]

oh mad, so i will prolly get it all back for this financial year cos there's no way im going to make $6000 before july 1. thanks for that!~!! thats good to know!!

i seriously need to get over my fear of asking my boss this stuff, i just don't want to piss anyone off cos im sooo glad to have a job at last. i'll ask them bout payslips etc when i go in tomorrow i guess

 

[MiuMiu]

Yeah your payslip will show you your rate of pay, how many hours you got payed for, how much tax was taken out, how much was deposited into your account and your earnings for the year to date.
You get all your tax back up to the 6k threshold, then after that I think the lowest bracket is like 20c in the dollar. But once you've reached the tax-free threshold u can start claiming things like union fees and uniform and stuff. Im going to get nearly a grand in tax return this year so im pretty excited.