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HEY HEY I'M THE TAX MAN!
(with apologies to the Beatles, sorry to cut you off guys)

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What to do about TAX? Pretty hard to ignore it I guess. We pay heaps of it usually without knowing what the GST is, don't we? GST dummy: the Goods and Services Tax ... you know the 10% on most manufactured products and services? OK, you had better find out a bit more!

 

Up next is Income Tax: you start paying it when you earn around $6000 a year (or about $120 week). The rates are always changing (going down which is good). Check out the current tax rates based on how much people earn a fortnight.

 

Tax File Numbers are REALLY important: you will need one once you start any paid work: you will keep it all your life. Did you know that if you don't have one, your boss will take out more than half as tax! The easiest way to get one is through your school .. see your Careers' Advisor ASAP.

 

One of the confusing things for some people is the Income Tax Return that is due each year by about the end of October. You can do it on paper, get the folks to do it, pay an accountant or tax specialists or even do it online. The object is to let the government know how much you have earned: how much tax you have already paid and, hopefully, how much of that tax you might get back! Of course, some people have to pay extra. Get the goss on tax returns by licking the icon to the left.

 

OK one final tip: if you work a couple of jobs, you can only claim the Tax Free Threshold from one employer, otherwise you won't pay enough tax during the year and instead of getting a refund like most people, you will get a bill for more tax!

One more final tip (yeah I know!!) when you leave home:

1. Get a shoe box with a lid
2. Put ANYTHING even remotely important in the box
3. Put lid on box
4. Don't lose box

 

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