Things like tax and superannuation can be confusing. We have information that can help you make sense of it all.
What is tax?
The Australian Taxation Office (ATO) collects taxes to help the government pay for things like schools, hospitals and roads.
You might have heard of the goods and services tax, or “GST”. This is added to everyday items we buy. Taxes can also be collected from the money you get paid from your job. How much you pay depends on how much money you make.
If you work and make money, you will probably need to do a tax return every year. You can learn what this means on the ATO website.
There is also a lot of great information about tax on ASIC’s Moneysmart website.
Tax file number
Your tax file number (TFN) is your unique number which the ATO gives you. It means you can pay tax. You need a TFN before you get a job.
Your TFN is yours for life. This means your number stays the same even if you change jobs, name, or move to another place in Australia.
To get your TFN, you need to apply through the ATO website.
If you already have a TFN, but can’t find it, the ATO can also help.
What is superannuation?
Superannuation, also called super, is a way of saving money for retirement.
When you get a job, super money gets put into a separate ‘super fund’ by your employer. Super money is paid on top of your normal income. Your chosen super fund then invests and manages this money for you until you retire.
Over time, this amount of money grows.
You can choose your own super fund for payments to go into. If you don’t, your employer might choose one for you. It’s important to understand the different types of funds so you can keep your money safe and make the best choice for you.
Your employer needs to pay you super if you are:
- over 18 years old
- under 18 years and work more than 30 hours in a week.
It’s a good habit to keep track of your super, and check that your employer is paying you the right amount. You can add extra money from your salary if you want to grow your savings even more.
You can find more information about super on the ATO website.
Moneysmart also has information on how super works.
Help with super and tax
The free Work Ready Course can help you learn all about tax and super and what you need to do.
The YourSuper comparison tool helps you compare super funds based on their fees and performance.
The Super health check is a great checklist to help you review the health of your super.
The free Work Ready Course can help you learn all about tax and what you need to do.
The ATO can also help you. The ATO Community website has a lot of answers to common questions about tax.
The ATO can help you lodge and pay your tax and super.
They also have an app. The ATO app is a simple and easy way to access and manage your tax and super.
Learn more about the ATO app.
ATO appThe ATO can support you with lodging or paying your tax on time.
If you earn less than $60,000 a year you can even access a free service to help you lodge your tax return. This is called the Tax Help Program.
Tax Help ProgramIf you are a First Nations person there is a lot of great information on the ATO website.
ATO websiteIf you have a disability, you and your carer could be eligible for tax and super concessions and exemptions. Find out more on the ATO website.
ATO websiteThere is also a lot of great information on the ATO website if you speak a language other than English.
Information in your language