I have just gotten a new job, which is full time. I want to keep my first job on a casual basis as well. I've put the tax declaration forms in for both jobs, claiming under the threshold for my new job and saying no to claiming under the threshold for my other job. I just received my pay, one and half weeks
I have just gotten a new job, which is full time. I want to keep my first job on a casual basis as well. I've put the tax declaration forms in for both jobs, claiming under the threshold for my new job and saying no to claiming under the threshold for my other job. I just received my pay, one and half weeks after filing my declaration at my workplace, from my old workplace and no tax came out. I'm scared that the forms haven't been filed by my workplace and that i'll accidentally be claiming under the threshold for both jobs.
How long do the declarations take to go through? Will I get into trouble? what's going to happen? and more importantly what do I do?
First of all, you definitely won't get into any trouble. It is actually completely legal to claim the threshold on every job and many people whose total income will be under the threshold do just that. If your total income will be above the threshold, the very worst that will happen is that you could get a tax bill when you lodge a tax return but it will only be a small one if job #1 doesn't pay much.
What you should do is speak to the employer at the first job and ask them to deduct tax according to the TFN Declaration you lodged i.e. deduct tax of 19c for every dollar below $37,000 and 32.5c for anything over that up to $87,000.The employer determines how much tax to deduct from each pay and it makes no difference if the form hasn't been sent to the ATO yet. Don't worry about any shortfall so far – it will probably be tiny and will probably be offset by any deductions you claim.
You will receive group certificates from both employers. Your income is the total of both certificates plus any other income, eg bank interest, share dividends, rental income etc
Your tax will be calculated by the ATO. You will only be liable to pay the difference between tax already paid as shown on your certificates and tax calculated by the ATO. Perhaps there will be nothing to pay
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You really need to ask your employer and ensure they (or their accountant) are doing everything correctly.