just wondering if anyone knows anything about getting a second job and how that affects your tax rate? i seem to remember that you cant claim something from a second job and end up paying much more tax.
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just wondering if anyone knows anything about getting a second job and how that affects your tax rate? i seem to remember that you cant claim something from a second job and end up paying much more tax.
You can't claim the tax free threshold with the second job so yes you do pay more tax.
you can't claim the tax-free threshold with the second job. which means the tax rate will be higher, but not too sure what tax rate is...i'm pretty sure it's not 49% like everyone says, but it is a fair bit higher than your first job.....sorry i can't help more than that Lol.
Overall each person only gets one tax-free threshhold when they are doing their tax return. The payroll people for your first job will be able to take into account your tax free threshhold when calculating how much tax to take out from your pay. When you start work at your second job, the payroll people for that job won't know how much you are earning in your other job, and given that you have elected to use your tax free threshhold in your first job, they will take tax out at the higher rate.
But when you do your tax return at the end of the financial year, the second job isn't automatically "taxed" higher, you will still pay the appropriate amount of tax for what your total income between the two jobs is, if that makes sense. In a lot of cases as the payroll for the second job is collecting a high rate of tax from your pay, you will get a nice little refund come tax return time.
i get it thanks bugsmum. you explained that really well. cheers
No worries - it's nice to get a chance to use my "old" brain once in a while ;)