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Tax advice for individual with two jobs

Newbie

Views 418

Replies 1

Hey guys, I have two jobs, one is permanent part-time and casual for the other.
I just lodged my tax return last week and received the notice of assessment today stating that I owe $970?
Could someone help explain it to me why this is? I'm not very knowledgeable when it comes to tax!

My permanent part time job I earned $21,970 (Tax $1,014) - claimed TFT
Causal job I earned $10,018 (Tax $477) - claimed TFT, I was not aware of this until I checked over my lodgement

Is there anything I can do to decrease my debt and what can I change for the next financial year to try get a refund?

Thank you!
1 ACCEPTED SOLUTION

Accepted Solutions

Most helpful response

Champion

Replies 0

Hi @Chriscanete,

 

Sorry to hear about your situation.

 

Generally when you receive a tax debt as an employee, you have not had enough tax withheld by your employers throughout the year to take care of your liability.

 

One common mistake that gets made when people have multiple employers is claiming the tax-free threshold on the TFN declaration form when signing up for both jobs. You would generally want to only tick that box with your primary employer (the one that pays the most).

 

This is just one scenario that could have lead to your tax debt, but I would suggest contacting us on a Live Chat so we can have a look at your Notice of Assessment and break it down for you.


Hope this helps! 

1 REPLY 1

Most helpful response

Champion

Replies 0

Hi @Chriscanete,

 

Sorry to hear about your situation.

 

Generally when you receive a tax debt as an employee, you have not had enough tax withheld by your employers throughout the year to take care of your liability.

 

One common mistake that gets made when people have multiple employers is claiming the tax-free threshold on the TFN declaration form when signing up for both jobs. You would generally want to only tick that box with your primary employer (the one that pays the most).

 

This is just one scenario that could have lead to your tax debt, but I would suggest contacting us on a Live Chat so we can have a look at your Notice of Assessment and break it down for you.


Hope this helps!