Posts made in December, 2016

Tax Ins and Outs of a Second Job Comments Off on Tax Ins and Outs of a Second Job

Tax Ins and Outs of a Second Job

As we zap into the holiday season and the New Year, thousands of Australians are feeling the pinch in their wallets. It’s an expensive time of year. Plus everyone wants 2017 to be a better year financially. Taking a second job is on the cards for many.   First, see if you are really going to end up ahead. It’s important to know the tax ins and outs of a second job so you can make an informed decision.   Having a second job can be a great way to increase your income and help out with cash flow. The thought of losing 50% of that cold hard cash to the taxman may put you off. But the government doesn’t need to take all of your dollars, they have enough of their own. Welcome to tax myth-busting, well at least the myth that you lose half of your income to tax through having a second job.   Let us show you how a second job can work …   When you start employment with an entity, in Australia you fill out a Tax File Number Declaration form. This informs the Australian Taxation Office of your employment with the entity, and the employer of how much tax to withhold.  ...

Learn More