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Why do you have to pay more tax on your second job earnings in Australia? |
Why do you have to pay more tax on your second job earnings in Australia? Kelsey is correct. (Tax-free threshhold is $6,000) Tax is on the whole earnings, so if you earn $30,000 from one job and $10,000 from another, you pay the same tax as someone with one job earning $40,000. The second job appears to be taxed higher as you only get the tax free $6,000 from one of the two jobs, not both. If each job was eligible for the tax-free $6,000 then I would set up 50 odd companies and pay myself from a different company each week, claiming the tax-free portion from each one and pay no tax at all. if you end up getting too much or too little taken out of your income, you end up with a tax bill or tax credit at the end of the financial year. Source(s): Financial Adviser You don't need to pay extra tax on your second job, but you'll get hit with a big bill when you do your return. Australian taxes are based on a sliding scale where the first $6500 earned is tax free. If you don't pay extra tax with your 2nd job, you are basically claiming this threshold twice (once for each job). This means you won't have paid enough tax throughout the year to cover your tax bill. |
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