Super and Tax for First Timers

Lifehacker shares insight for people starting out with their jobs and want to know more about Superannuation and their tax requirements. Here are some of the important things you need to know before you start working:

Secure a tax file number. This is applicable even for part time workers. Although not compulsory, it is best to secure your tax file to avoid any complications in the future.

Set up a bank account. One of the most common modes of payment, this is where your employer will link your wages.

Fill out the necessary documents for your employer. Your employer may have different requirements, but at the start you will be required to fill out a declaration form (this requires your tax file number). You will also be provided with forms for Superannuation, where your employer takes out a compulsory contribution into a superfund.

Submit your Tax Returns annually. The annual tax period runs from July 1 to June 30. After this, you are given until the end of October to submit your Tax Returns. Ensure that you have the main form from your employer, which is normally provided to employees every July 14.

Read more about this on the Lifehacker website.

Author: Dorian Traill

Dorian Traill is the current Director of Grand Capital Finance Group and Fountain Property Group. He specialize in home loans for people as well as helping them build wealth through quality investment properties that ultimately lead to long term financial freedom.

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