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Second Job tax

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Newbie

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I was working a second job for about 4 weeks and do not believe I was paying the correct tax during that time period, I have quit now but is there a way I can pay that tax before I receive an inflated tax bill at the end of the financial year
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Have a look at this thread to determine how much tax you should have paid on your second job and see if it is correct:

https://community.ato.gov.au/t5/Tax/How-much-tax-should-I-pay-on-a-second-job-Claiming-the-tax-free/...

 

Alot of the time, on the second job, you won't tick the claim tax free thresshold box as you have arealdy claimed it on the first job. Refer to website to determine relevant tax withheld amount - https://www.ato.gov.au/Calculators-and-tools/Host/?anchor=TWC&anchor=TWC#TWC/questions

 

As you have suggested, when you lodge a tax return for that financial year that has ended, per your tax return, the ATO will see what you have earned overall from all your jobs and calculate how much you should have paid and refund any excess you've paid.  If you claim the tax free threshold on multiple jobs you will usually end up with a tax bill however if you only do this on one job then generally you shound end up with a small refund (depending on your other tax affairs). I don't believe  you can pay tax up-front unless you are on a PAYG instalment payment system and you will just need to ensure that you have sufficient funds to make payment on your tax liability when you lodge your tax return.

 

All the best!

1 REPLY 1
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Most helpful response

ATO Certified Response

Enthusiast

Replies 0

Have a look at this thread to determine how much tax you should have paid on your second job and see if it is correct:

https://community.ato.gov.au/t5/Tax/How-much-tax-should-I-pay-on-a-second-job-Claiming-the-tax-free/...

 

Alot of the time, on the second job, you won't tick the claim tax free thresshold box as you have arealdy claimed it on the first job. Refer to website to determine relevant tax withheld amount - https://www.ato.gov.au/Calculators-and-tools/Host/?anchor=TWC&anchor=TWC#TWC/questions

 

As you have suggested, when you lodge a tax return for that financial year that has ended, per your tax return, the ATO will see what you have earned overall from all your jobs and calculate how much you should have paid and refund any excess you've paid.  If you claim the tax free threshold on multiple jobs you will usually end up with a tax bill however if you only do this on one job then generally you shound end up with a small refund (depending on your other tax affairs). I don't believe  you can pay tax up-front unless you are on a PAYG instalment payment system and you will just need to ensure that you have sufficient funds to make payment on your tax liability when you lodge your tax return.

 

All the best!