Teaching Youth About Money | Part 4
What do I need to know about when I get a job?
When you have a job you will be required to fill out a Tax File Number Declaration Form:
Open a Bank Account
Ask your family if you have a bank account so your wages can be paid into it; if not
Open a FEE FREE bank account
Superannuation
Do you work more than 30 hours a week? Or are you over 18 years old?
If you answer yes to one of these questions, you will need to join a super fund.
Which super fund should I join? Choose a low cost fund as fees are the only thing you can control. Use Google to help search for a low-cost fund with an investment divide of 50% Australian shares, and 50% international shares as an investment mix.
Why is a payslip important to receive and check?
A payslip is a way to check if you have been paid the correct hours worked and if the correct rate of pay has been paid.
Each year after your birthday the rate of pay will increase until you turn 21 years old.
Note: Superannuation is only paid on ordinary time works and not on overtime. The current rate is 9.5%. The rate is due to increase 0.5% from 1 July 2020 to 12% by 1 July 2025.
When do I pay income tax?
The Pay Calculator will show you how much tax you will pay based on how much you earn, along with superannuation, offsets, and other deductions.
Where does the tax I pay go?
What is a myGov account and why do I need one?
A myGov account is a secure way to access government services online with one login and one password.
You can download this presentation here.
