Please explain tax return/tax deduction (1 Viewer)

[Kazaf]

Hi guys,
I've just started working, for about 4-5 months now.
I can say I have always been a little spoilt when I was young, getting most of the things I wanted.
As I grow older I have hobbies and interests in alot of things, one thing which drains my money is my car
So I decided to take a job since I was not getting along with my parents and did not get alot of money from them to spend.

Have heard all this fuss about tax returns and tax deductions, have learnt this a few years back that if a student earns $6000 or less in a tax year you will not have to pay tax.

So would someone please so kindly explain to me about it, how I can get a tax return and approximately how much?

 

[Minai]

Do you get payslips from work? Did you get a group certificate indicating your gross taxable income from work?

Basically, yes, under tax law, anyone that earns $6000 or less in a financial year does not pay tax. If you have had tax witheld by your employer (ie money taken out of your weekly pay), then fill out a tax return form either online or by hand. You state all your assessable income, and if you have more tax witheld credits than your tax payable, you'll be entitled to a refund

 

[Kazaf]

I have gone through all my pay slips and I have not paid tax.
Recieved a tax return copy a while back which I just found and it states I will recieved $0 in return.

BUT!!
My last pay, which was Tuesday 23rd LAST WEEK! I noticed on the payslip I paid $2 in tax.
first time ever.

Will this be carried over for the next tax return next year June?

 

[Minai]

Well if that pay was from last week, then yeah, it'll be recorded as tax witheld for the financial year ending 30 June 2006.

 

[Kazaf]

And next year I'll get a tax return, I see.
How do I get the tax return? into my bank account? after I fill out the e-tax aplication?

 

[Minai]

And next year I'll get a tax return, I see.
How do I get the tax return? into my bank account? after I fill out the e-tax aplication?

If you get a tax return, yes it can be directly to your bank if you nominate to be so (on the e-tax form)

 

[Kazaf]

Cheers mate, get it now.
You're a champ.

 

[wevil]

does everyone get tax taken out of their pay?

 

[Skittled]

If you're "on the books", then yes. So, if you're getting paid through your bank account or something similar, then probably..

Chances are at our age, if you're receiving cash you've not had tax taken out of your pay and are expected to declare it at your tax return (ie pay money to the ATO at the end of the year -- start saving for that now). It's your responsibility, in this case, I believe.

..but in the end you've just gotta look on your weekly payslip to see. (If you don't get a payslip, see paragraph #2.)