A first job means the start of your career, financial independence and a chance to prove your determination at your workplace. Here’s what you need to know to get started.
You’ve finished school, TAFE or university and now you’re looking for your first job. How exciting! Give yourself the best possible chance of landing a plum role by taking several important steps:
Virtually all employers will ask you for a tax file number (TFN). This can be easily obtained. Simply take several forms of personal ID along to a Post Office or apply directly to the Australian Taxation Office. Allow several weeks for your TFN to be issued.
Once you have handed your TFN to your employer, the tax taken out of your income may vary between pay packets depending on the hours you have worked and the salary you have earned.
Taxable income | Tax on this income |
|---|---|
0 – $18,200 | Nil |
$18,201 – $37,000 | 19c for each $1 over $18,200 |
$37,001 – $87,000 | $3,572 plus 32.5c for each $1 over $37,000 |
$87,001 – $180,000 | $19,822 plus 37c for each $1 over $87,000 |
$180,001 and over | $54,232 plus 45c for each $1 over $180,000 |
Always check your pay slip – and not just for tax. Your employer may be required to pay compulsory superannuation guarantee (SG) contributions on your behalf (more on this later), which should be shown on your pay slip.
You should submit a tax return following the end of your first financial year at work if you have earned over $18,200 or if your employer has deducted tax from your pay.
Income protection insurance aims to assist a person financially if that person couldn’t work due to illness or injury. If you are prevented from working due to illness or injury, your regular bills like rent or car loan repayments wouldn’t stop even if your wage or salary does.
This makes income protection insurance a way to assist you financially if your health prevents you from working for a period of time.
Your Avante Financial adviser can explain more.
Your first pay cheque can seem like a king’s ransom, and with careful planning you can really put that money to work. Drafting a budget can assist you in finding spare cash to save and invest, giving you a good head start to achieving financial security.
Need help! Contact Avante today on 1300 788 650
