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Claiming TFT on Casual and Part Time Job for 18 year old

I'm new

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Hi Guys,

 I am super new to the workforce. I have a casual job in which I work a set hours a week (13)  and I also have a part time job (5) in which I also work set hours per week. I started my casual job at the end of 2020. and I started my part time job about a week ago. I roughly did the calculations and I think i will earn than 18,000 by the end of the FY20-21. Would that mean that I am able to claim a tax free threshold on both jobs. 

Note in mind my casual hours might decrease once uni starts. 

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Most helpful response

Enthusiast Registered Tax Practitioner

Replies 0

Hi Noz12

The tax free threshold is only available once but is calculated based on your income from all sources.  If you will be earning less than $18,000 overall, you could potentially claim the tax free threshold from both employers and therefore not pay any tax at source.  However, you need to be aware that when you lodge your year-end tax return, if you have earned over the tax free threshold from all sources, you may end up with a tax bill.

I would suggest changing one of the jobs to No Tax Free Threshold so that you don't run into problems at year-end.  If you have paid too much tax, you will get it back anyway.....forced savings!

1 REPLY 1

Most helpful response

Enthusiast Registered Tax Practitioner

Replies 0

Hi Noz12

The tax free threshold is only available once but is calculated based on your income from all sources.  If you will be earning less than $18,000 overall, you could potentially claim the tax free threshold from both employers and therefore not pay any tax at source.  However, you need to be aware that when you lodge your year-end tax return, if you have earned over the tax free threshold from all sources, you may end up with a tax bill.

I would suggest changing one of the jobs to No Tax Free Threshold so that you don't run into problems at year-end.  If you have paid too much tax, you will get it back anyway.....forced savings!