Tax and TFNs
Unlocking the Tax Maze: your quick guide to taxes
About to earn some dough? Well, it’s time to talk tax! Here’s everything you need to know.
The Basics: Why Tax?
Think of tax as your contribution to Australia’s awesome public services -healthcare, education, social security, roads… you name it!
How You Pay Tax: Two Routes
PAYG (Pay-as-you-go): If you’re a regular employee, taxes are usually yanked from your pay automatically. Just check your payslip!
Freelancers & Gig Workers: Driving for Uber Eats or consulting? Chances are, you’re on your own. Time to channel your inner accountant and sort out those taxes.
First Things First: The Mighty TFN
Your Tax File Number (TFN) is a must-have! It’s your unique ID for all things tax. Apply for one online, at an ATO shopfront, or grab a form from your local post office.
Without a TFN, say hello to whopping 46.5% tax rates, limited Centrelink access, and a snail-paced tax return process.
Tip: Guard that TFN like your life depends on it. Never share it online or with mates.
Tax Return: Your Annual Check-in
Come July, it’s tax return season. You can lodge online via the ATO, or if you’d rather outsource the headache, hire a registered tax practitioner (fees apply). After that, it’s all eyes on the mailbox for your Notice of Assessment—either you’re getting cash back or handing some over.
Boost Your Tax IQ
Official Australian Taxation Office (ATO) Website: Your go-to for legit info
Youth Central: A handy how-to guide on tax returns
Money Smart: Ready to maximize your refund? Dive in here.
The Best Part: Tax Refund
Scored a refund? Great! Expect it in your bank within 12 business days if you lodged electronically (or 50, if you’re old-school and used paper).
Oops, underpaid? Here’s how to sort it
Your Notice of Assessment will spell out any extra tax you owe and how to pay up. Whether it’s BPAY, credit card, or a visit to Australia Post, you’ve got options.
Struggling? Tax Help is Here! The ATO’s Tax Help Program has trained volunteers ready to give you free, confidential help.
Questions? Ring up the ATO on 13 28 61, available Monday to Friday, 8am to 6pm.