Reply With QuoteIf you're only over by a small amount, it won't be much at all, you'll only pay tax on the amount you are over by, does that make sense?
BellyBelly Member
Tax threshold 2012/1013
I was just looking at my work pay slip and got a little freaked out! My annual salary for my job is noted as $17900 so they haven't been taking any tax out as the tax free threshold for low income earners is now 18 grand. However I have had times over the year where my rate of pay has gone up for a few shifts which could mean I am over 18 grand by a few hundred dollars. Is that going to really hurt me in regards to a tax debt then? if so how much do you think I'll owe??
Registered User
If you're only over by a small amount, it won't be much at all, you'll only pay tax on the amount you are over by, does that make sense?
Registered User
On $21000 I had a debt of $460.
You will be lucky to owe more than a couple of hundred.
Don't stress
Registered User
The weeks where you earn more should be adjusted into the next bracket automatically. ..? Maybe it depends on the payroll software they are using but ours calculates tax rate per earnings per week.
Moderator
Tax withheld is meant to be calculated each pay period based on what you earn that pay period. They would not and should not be taxing based on an annual estimate or salary.
If concerned you can opt to pay additional tax per pay. If you over pay you just get it back at tax time.
Registered User
Generally, people don't start paying tax the second they breach the tax free threshold- they will normally recieve an offset or two, first. Don't sweat it- if you earn under 20somethingK you won't be paying any tax anyway.
Household Assistance Package - tax reforms
Moderator
The Low Income Tax Offset has been massively reduced to what it was. Basically is was reduced in exchange for a rising of the tax free threshold, just a juggling of numbers to get a similar outcome.
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