Tax questions (1 Viewer)

[lala2]

I have noticed that my first job doesn't always take tax from me (only occasionally), while my second job always overtaxes me (so far, anywhere from 16-20%). I'm not so worried about the first job (hey, it's extra money when I wasn't expecting it but I'm pretty worried about the second job. Isn't it they can only tax you 15% everytime, or is it normal to have such fluctuations?

Also, the tax-free threshold, is it $6,000 per job or $6,000 overall at the end of the financial year, and can the tax from my second job be returned if I earn less than $6,000 from the first job or overall? I'm just worried that, you know how you can only claim tax-free threshold from one job at any one time, if I earn less than $6,000 from my first job I won't be able to claim tax back from my second job, and they are overtaxing me too. Sorry if this sounds highly confusing, any help would be appreciated.

 

[fnkychk]

Maybe you're only being taxed some weeks from the 1st job because you're under the threshold for it (which is about 100 a week).

If you're earning different amounts at the 2nd job, it's normal to be taxed different amounts. If you want to be taxed less, fill out a PAYG form from the employer which will reduce it. I've never done it so I don't know more about it.

The tax-free threshold is $6000 overall per year. All the tax will be worked out at the end of the financial year based on the full amount you've earnt from both jobs. So you'll always be able to claim tax back from the amount you've earned on the second job, and then they'll tax you at your correct rate from the 1st job and give you the $6000 without tax.

 

[cem]

You fill in ONE tax return on which you record all your earnings from all sources - jobs, interest on bank accounts, investment accounts etc.

From there you (or your accountant) works out your total income, less any allowable deductions. The taxman returns any tax overpaid and sends you a bill if your employer hasn't sent through enough tax (remember the employer can only base the tax on your income and doesn't know other sources of income).

In over 25 years of doing tax returns I have only ever had to pay tax once (because I had a job which didn't take any tax) and always get a return.

Many employers slightly take more in tax than necessary to cover things like tax on interest. Look on the bright side - a return should arrive in time for Christmas so see it as a little bit of extra savings.

 

[chicky_pie]

yeah i hate fucking tax, first year i was tax free then came all the calculations, etc i hate maths and i am very dumb at it, i just let my accountant do the rest for me

 

[waysted]

I have 2 jobs...
but my second job doesn't tax me at the second job rate
e.g. they don't tax me on every dollar, only if i earn $100 +
if that makes sense....
should i tell them?
will i have to pay money back if i don't tell them?

 

[Peartie]

you should tell them its your 2nd job

you dnt have to but at the end of the year you'll most likely be owing money to the government rather than being owed......its easier i think anyway...

 

[velox]

It's annoying owing money to the government. I.e. I earnt a fair bit in investments, and lost a big chunk after august, now I have to come up with a sizeable 5 figure sum to pay to the ATO.

So, if you dont tell them, try to save that money. Otherwise my brother will be prosecuting you