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First time having a job and doing a tax return

Newbie

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Hi, I am completely lost right now and I don't know what to do next.

 

I have started my first job since January 2018 and until now, I have been paid approximately $7000 + super. Also i noticed I pay tax when my pay is about $1000 a fortnight so the remove my wage to pay for that. In addition I'm getting money from Centrelink (Newstart).

 

This is my first time of having a job and understand all about tax, financial year etc is all new to me. I have link my MyGov with ATO.

 

Can someone please point me to the right direction?

 

Thank you

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Accepted Solutions

Most helpful response

ATO Certified Response

Former Community Support

Replies 1

Hi @Lee_k,

 

Welcome to Community! We have heaps of handy resources to help you through your first tax time. Smiley Happy

 

The Australian income tax year runs from 1 July until 30 June the next year, so your payers (like your employer or Centrelink) will send you a pay-as-you-go payment summary that lists all of the payments they've made to you between those dates.

Your payers collect tax from your salary and wages each pay period ('pay-as-you-go withholding') and send it to us at the end of the tax year. We then use the information in your tax return to work out how much tax you need to pay for the year, and use the money your payers have sent to credit your account. If too much tax has been withheld, you'll receive a refund; if not enough tax has been withheld, you'll receive a tax bill

 

You can start lodging your tax return from 1 July - and if you prepare your own tax return, you have until 31 October to lodge it with us. There are a few different ways you can prepare your tax return:

If you prefer to lodge your own tax return, it's faster to lodge online - and if you meet certain criteria, you can take advantage of our free Tax Help volunteers and get some help completing your return. myTax will ask you a series of questions and direct you to only the relevant parts of your tax return - and if you get stuck, you can click the Help icons to go straight to useful web content or select Chat to ask ATO operators questions in real time.

 

You can also choose to hire a registered tax practitioner (like a tax agent). Only registered tax practitioners are allowed to charge you a fee to prepare your tax return, and they must meet certain standards and a Code of Professional Conduct in their interactions with you. You can find registered agents in your area by searching the Tax Practitioners Board register.

 

A lot of people are familiar with the old paper TaxPack, which has now been replaced by the Individual Income Tax Return and Instructions. You can order these documents online or download them from our website, but it can take up to 50 business days to process a paper tax return.

However you choose to lodge your tax return, there's certain information you'll need to have to get started - for example:

You don't need to include your tax file number on your tax return, but it may take us longer to finalise your return if you choose not to include it.

 

If you lodge your return online (either in myTax or with a registered agent) a lot of this information will be pre-filled in your return if you can wait until after mid-August - this is the cut-off date for most service providers to send us your info.

 

Hopefully this information helps explain some of the basics - let us know if you have any other questions!

2 REPLIES 2

Most helpful response

ATO Certified Response

Former Community Support

Replies 1

Hi @Lee_k,

 

Welcome to Community! We have heaps of handy resources to help you through your first tax time. Smiley Happy

 

The Australian income tax year runs from 1 July until 30 June the next year, so your payers (like your employer or Centrelink) will send you a pay-as-you-go payment summary that lists all of the payments they've made to you between those dates.

Your payers collect tax from your salary and wages each pay period ('pay-as-you-go withholding') and send it to us at the end of the tax year. We then use the information in your tax return to work out how much tax you need to pay for the year, and use the money your payers have sent to credit your account. If too much tax has been withheld, you'll receive a refund; if not enough tax has been withheld, you'll receive a tax bill

 

You can start lodging your tax return from 1 July - and if you prepare your own tax return, you have until 31 October to lodge it with us. There are a few different ways you can prepare your tax return:

If you prefer to lodge your own tax return, it's faster to lodge online - and if you meet certain criteria, you can take advantage of our free Tax Help volunteers and get some help completing your return. myTax will ask you a series of questions and direct you to only the relevant parts of your tax return - and if you get stuck, you can click the Help icons to go straight to useful web content or select Chat to ask ATO operators questions in real time.

 

You can also choose to hire a registered tax practitioner (like a tax agent). Only registered tax practitioners are allowed to charge you a fee to prepare your tax return, and they must meet certain standards and a Code of Professional Conduct in their interactions with you. You can find registered agents in your area by searching the Tax Practitioners Board register.

 

A lot of people are familiar with the old paper TaxPack, which has now been replaced by the Individual Income Tax Return and Instructions. You can order these documents online or download them from our website, but it can take up to 50 business days to process a paper tax return.

However you choose to lodge your tax return, there's certain information you'll need to have to get started - for example:

You don't need to include your tax file number on your tax return, but it may take us longer to finalise your return if you choose not to include it.

 

If you lodge your return online (either in myTax or with a registered agent) a lot of this information will be pre-filled in your return if you can wait until after mid-August - this is the cut-off date for most service providers to send us your info.

 

Hopefully this information helps explain some of the basics - let us know if you have any other questions!

Newbie

Replies 0

Thank you