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Tax free threshold help

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Initiate

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Hi Everyone,

 

So forgive me if this is a stupid question. I only started working full time after uni last year so am still getting used to the 'real' world.

 

When I started my job last year I ticked the claim tax free threshold for the last financial year. My question is, now that it's a new financial year does the tax free threshold start over again? Or is it a one off? I've had my first payslip since the start of the new finacial year but the normal tax was taken out. 

 

Thank you in advance for any help you can provide. 

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Best answer

Master

Replies 1

Hello,
This is not a stupid question at all. You only need to claim the tax free threshold once from your employer. You do this on your tax file number declaration form when you start the new job. If you continue to work with that employer they will continue to consider your tax free threshold when paying you until you tell them to stop or you stop working for them.

Try using this online calculator from ATO.gov.au to see how much tax should be withheld from your pay: https://www.ato.gov.au/Calculators-and-tools/Tax-withheld-calculator/
2 REPLIES 2

Best answer

Master

Replies 1

Hello,
This is not a stupid question at all. You only need to claim the tax free threshold once from your employer. You do this on your tax file number declaration form when you start the new job. If you continue to work with that employer they will continue to consider your tax free threshold when paying you until you tell them to stop or you stop working for them.

Try using this online calculator from ATO.gov.au to see how much tax should be withheld from your pay: https://www.ato.gov.au/Calculators-and-tools/Tax-withheld-calculator/

Initiate

Replies 0

Great. Thanks so much for your reply and information. 

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