We often receive phone calls from our Clients asking us whether they are being taxed correctly in their wages.
If you are unsure whether you are being taxed correctly, the ATO has an online calculator where you can answer a series of questions relating to your wages which will determine what tax should be withheld each pay period.
There are several factors to take into consideration on the calculator, these items include:
- How often you are paid (weekly, fortnightly etc.)
- Medicare Levy Exemptions or Reductions
- Amounts you may be required to repay under the Higher Education Loan Program (HELP), Student Start-up Loan (SSL), Trade Support Loan (TSL) or the Student Financial Supplement Scheme (SFSS)
- Tax-free Threshold and Income Tax Rates
You can start the online calculator to find out more.
If you feel you are not being paid the correct wage rates from your employer, you can visit Fairwork for more information.