Hi All,
I am in the process of signing up my child (under 1 year old) to a talent agency and my child will most likely be making below the tax-free threshold for the current FY and will not have consistent jobs and most likely will not exceed $1517 for any one-off payment.
My understanding from our agency is that PAYG Tax will generally be deducted by the Client. At the end of each financial year most companies will send the agency their client's Payment Summaries and the agency will then forward them to us for taxation purpose
https://www.ato.gov.au/Calculators-and-tools/Tax-withheld-calculator?page=4#Tax_file_number_exempt
However, my understanding is that TFN is exempt for children under the age of 18 and earns below the $ 1517 one-off payment. Does that mean that as long as my child does not go above the $ limits stated in the article above, my child will not need to pay taxes and complete tax returns?
If we declare TFN declaration exemption, and the client does withhold a 20% taxes. Is my understanding correct that the only way to get back the witheld amount is through filing a tax return?
Thanks
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