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Re: Changing the tax free threshold from yes to no

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Newbie

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I recently got a second job that makes a lot more money then my first job. The problem is, I already claimed the tax free threshold for the first job. I can't claim that tax free threshold on both jobs because I'd be over the $18,000. Is it possible to change it so that I am no longer claiming the tax free threshold on my first job (i.e change my answer from yes to no)? 

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ATO Certified

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Devotee

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Hi @JayKayBee

 

Of course you can change it and its very simple.

 

All you need to do is to complete a "Withholding Decleration" form with correct details and give it to your employer.  Go to Question 5 - Do you want to claim  the tax free threshhold and select " NO "... 

 

ATO 13 28 61

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Best answer

ATO Certified

MVF
Devotee

Replies 0

Hi @JayKayBee

 

Of course you can change it and its very simple.

 

All you need to do is to complete a "Withholding Decleration" form with correct details and give it to your employer.  Go to Question 5 - Do you want to claim  the tax free threshhold and select " NO "... 

 

ATO 13 28 61

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Devotee

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Yes.

 

Just do a 'withholding variation' on the first job to ensure you are NOT claiming the tax free threshhold and then claim it for the second one.

 

Note there will be some cross-over period and you may not end up paying exactly enough tax at the end of the year.

 

 

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