Hi everyone,
So I have been working as receptionist for 10 years and last year I started working once a day in a bakery as casual. I did my tax return and now I've told that I have to pay $1628.45 DR. But my taxable income is only $59,643 so i find it a bit dear for what I earned over the year.
Anyway looking at my payslip, on my second job (the bakery) I realised that there is no TAX PAYG? What should I do?
Thanks
Howdy @C.FAN,
It sounds like your second job at the bakery didn’t withhold any PAYG (Pay As You Go) tax, which can lead to a tax debt at the end of the financial year.
You can only claim the tax-free threshold from one employee. Usually the one paying you the highest salary. If you claimed it from both jobs, you might end up with a tax bill.
You can ask your second employer to withhold tax at the ‘no tax-free threshold’ rate. This means they will withhold tax from your first dollar earned, reducing the chance of a tax debt.
You can complete a PAYG withholding variation application to adjust the amount of tax withheld from your income. This can help ensure enough tax is withheld throughout the year.
Make sure your payslips from both jobs reflect the correct tax withholding. If there’s an error, contact your employer to correct it.
Howdy @C.FAN,
It sounds like your second job at the bakery didn’t withhold any PAYG (Pay As You Go) tax, which can lead to a tax debt at the end of the financial year.
You can only claim the tax-free threshold from one employee. Usually the one paying you the highest salary. If you claimed it from both jobs, you might end up with a tax bill.
You can ask your second employer to withhold tax at the ‘no tax-free threshold’ rate. This means they will withhold tax from your first dollar earned, reducing the chance of a tax debt.
You can complete a PAYG withholding variation application to adjust the amount of tax withheld from your income. This can help ensure enough tax is withheld throughout the year.
Make sure your payslips from both jobs reflect the correct tax withholding. If there’s an error, contact your employer to correct it.
It's not a matter of what you should do, but what you want to do.
If you are aware that you will have a tax bill each year then you can plan for that. e.g. Have funds set aside in an interest earning bank account to pay the tax bill. Or make extra contributions to your super and claim a tax deduction.
If you would prefer not to have a tax bill, but a reasonable refund, then don't claim the tax-free threshold on your higher paying job. Or don't claim on both jobs for an even better refund.
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