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Tax free threshold

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I am currently finishing up my last 2 weeks at a job but have also started working my new job now so I will for 2 weeks be getting paid by both employers. When filling out my tax form for the new job I selected yes to the tax free threshold because it will be my only job. I’m wondering if I should not have done this because it says only one job at a time. Will it be fine that it’s only for two weeks?
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ATO Certified

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Hi @Madelyn,

 

Welcome to our Community!

 

Generally speaking, it is recommended to only claim the tax-free threshold from one employer at a time, the reason for this is so people have the right amount of tax withheld during the financial year and don't end up with a large bill to pay when they lodge their income tax return.

 

In your situation, as it's only for a short period of time (2 weeks) it should be ok. Keeping in mind it will all be worked out at the end of the financial year, as advised by @macfanboy, when you report your income, deductions and offsets to work out your total liability for the financial year.

 

If you have further questions or wish to speak with us, you can phone 13 28 61 between 8am - 6pm, Monday to Friday to speak with an operator.

 

Thanks.

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Taxicorn

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It will be fine.

At the end of the year all of your income is added up and after deductions and any applicable offsets you will pay tax on the balance.

It all depends on how much money you were paid and how much tax was withheld.

 

 

Best answer

ATO Certified

Community Support

Replies 0

Hi @Madelyn,

 

Welcome to our Community!

 

Generally speaking, it is recommended to only claim the tax-free threshold from one employer at a time, the reason for this is so people have the right amount of tax withheld during the financial year and don't end up with a large bill to pay when they lodge their income tax return.

 

In your situation, as it's only for a short period of time (2 weeks) it should be ok. Keeping in mind it will all be worked out at the end of the financial year, as advised by @macfanboy, when you report your income, deductions and offsets to work out your total liability for the financial year.

 

If you have further questions or wish to speak with us, you can phone 13 28 61 between 8am - 6pm, Monday to Friday to speak with an operator.

 

Thanks.

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