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Everyone is the workplace has obligations and/or responsibilities in relation to both tax and super. Whether you’re an employee or an employer, you should know what these responsibilities are. The table below outlines the responsibilities of different workplace participants beginning from the point at which you are thinking about seeking employment to the time you have to lodge a tax return. Stage Employers Employees…

Income taxAustralia has a progressive tax system. This means that the more people earn, the more tax they pay and the bigger contribution they make to government services. The tax rates for different incomes in 2024-25 is shown in the table below. For the most recent tax rates, visit the ATO website.Table 1: Resident tax rates 2024-25Taxable incomeTax on this income0 – $18,200Nil$18,201 – $45,00016c for each $1 over $18,200$45,001 – $135,…

Part 1: Calculating taxUse the ATOs weekly tax table to work out how much tax should have been withheld in the following scenarios.Income detailsAlex – 15 years of age, worked 20 hoursBin – 21 years of age, worked 38 hours full-timeSuzie – 16 years of age, worked 38 hoursGross income for the week$321$1,292$851Tax withheldNet weekly incomeSuzie is working for over 30 hours a week during the school holidays. She earns $851 a week for 10 weeks of…

Submitting a tax returnA tax return is the form you use to tell the Australian Taxation Office (ATO) how much income you have earned and any allowable deductions you want to claim.You must lodge a tax return if:- you earn more than $18,200, no matter how old you are- you have had tax deducted from your pay.Even if you don’t need to lodge a tax return in a given year, you should still submit a Non-Lodgment Advice so the ATO doesn’t follow you up…

Being honest is not always easy but the risks of being dishonest can have serious consequences. These range from losing a friend to damaging your reputation and your ability to get a job or losing freedom by having to go to prison. These outcomes affect social wellbeing, income and lifestyle, and family.  We need to think about the consequences of dishonesty - what happens to us if we are dishonest and get caught and how does it affect others?…

Write answers to the following frequently asked questions: How long does it take to process a tax return? What is a notice of assessment and where do I find it? How will I know if I will get a refund or owe tax? If I owe tax, when will I have to pay it? How can I pay tax I owe? What happens if I don’t pay on time? What can I do if I can’t afford to pay the tax I owe on time? How long do I have to keep my tax…

When you are employed, it’s important you understand your rights in relation to tax and super. Some employers pay their workers cash-in-hand rather than into a bank account. There is nothing wrong with being paid in cash as long as your employer reports the payment as income. Some employers deliberately use cash transactions to avoid meeting their tax and employee responsibilities, which is a crime. It threatens the revenue our government uses…

Managing tax affairs is essential if a business is going to be successful. This includes reporting tax collected and paying the amount owed. A business uses a business activity statement (BAS) to report and pay its tax obligations, including GST. The format of the BAS is personalised according to the business situation and any options the business has previously selected. BAS includes information on the following: GST collected and paid out…