Get out there - July 2011 |
Welcome to the Get Out There e-newsletter.
This month we've got information on OFT's orientation weeks and tax time.
University orientation week displays
The Office of Fair Trading has attended university orientation weeks for international students during July, including the University of Queensland, Queensland University of Technology and the Sunshine Coast University. Our next university orientation event will be at the Gold Coast's Bond University on Wednesday 7 September 2011. Come and visit our display and learn about your consumer rights and responsibilities
Getting a tax file number
Under the Australian tax system, the first thing you should do is get a tax file number (TFN). A TFN is a unique nine digit number the Australian Tax Office (ATO) issues to help administer tax and other Australian Government systems.
Without a TFN you could:
- have more tax withheld from your wages than necessary
- be unable to defer your university HECS (Higher Education Contribution Scheme) or HELP (Higher Education Loan Programme) repayments
- be unable to receive some government benefits.
The easiest way to get a TFN is through your school. You can also get one directly from the tax office.
Your TFN is valuable. It is important to keep it secure. Do not share it with friends or provide it on the internet when applying for jobs. For tips on how to protect your identity visit the Office of Fair Trading website.
Paying your tax
When you start a new job, you will be asked to fill in a TFN declaration form. You will need your tax file number to fill out this form so have it handy. If you choose not to give your tax file number you will be taxed at the highest rate.
If you do give your TFN the amount you will be taxed is calculated according to how much you earn. Your employer will deduct your tax payment from your wage each pay period. This system is known as 'pay-as-you-go' or PAYG.
At the end of the financial year you will receive a PAYG statement from each of your employers.
Tax return
Your tax return is a declaration of your income for a financial year. The information you provide is used by the ATO to work out how much tax is payable on your income and whether you have paid more or less tax than required.
If you have paid too much tax through the year and are entitled to a refund, completing a tax return is the best way to get this money back.
For most people, the easiest way to do a tax return is to use e-tax, the ATO's electronic lodgement system. If your circumstances are more complex, you may find it helpful to consult an accountant or tax professional. The deadline for lodgement is 31 October.
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Last reviewed 08/07/2011 |
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