Does anyone know how much you would have to at least earn per week or fortnight to benifit a tax free income? I was just using a online calculator and my next pay is around $600, and has no sign of tax. Being doing part time, I do get taxes from $800-$1500 for fortnight, but wanted to be certain, cheers.
Tax free income under?
DEvok on 25/05/2013 - 20:48
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You don't pay tax until you earn $350 per week ($700 per fortnight) if you claim the tax free threshold from your employer.
Thanks, i did have a read about it, I think I'm making around 25k per yr. does this mean that earning under $350 a week is tax free regardless how much you earn on weekly basis at other times? lets say i make larger amounts and get taxed, but for the $350, no tax for that pay for that week and anything following the same pay as the $350 per week? Hope I'm making sense.
Yes that is correct.
You will pay zero tax on $18200 each year, each extra dollar after that will have 19c taken by the tax man. If you earn over $37,000 they will take a bit more: http://www.ato.gov.au/individuals/content.aspx?doc=/content/…
If you earn $350 this week, you'll take home $350.
If you earn $351 next week, you'll take home $350.81c (ie anything over $350 will have 19c per dollar or 19% withheld by your employer)
If, during the year, you have a week/s of no pay, you'll get a portion of the 19% total withheld back from ATO when you submit your tax return.
You will also receive even more back if you can claim work related expenses, eg.the cost of an alarm clock (I only use mine to wake me up for work) so get & keep all your receipts. Most will be work related in some way.
http://www.ato.gov.au/individuals/content.aspx?doc=/content/…