Thinking about tax can be … taxing (see what we did there!) – but it is a vital topic to wrap your head around, especially as you enter the workforce.
Even if you’ve found a casual or part-time job, or maybe you’re even picking up some freelance gig work and earning a little side income – chances are you’ll need to consider if you need to pay tax and how much.
For another instalment of their Young Money series, Findex is helping you understand everything you need to know about this important topic.
What Is Tax?
When you earn an income, you’ll begin contributing towards tax.
This is a sum of money deducted from your pay that goes towards supporting essential services in our communities, including:
- Schools and education
- Hospitals and healthcare, such as Medicare
- Roads and infrastructure
- Emergency services, like fire services, ambulances, and police.
The tax deducted from your pay depends on how much you earn. Tax brackets are set across different pay scales, so if you earn more, you’ll pay a higher tax percentage.
Think of it as the contribution you make towards maintaining a functioning, healthy society that we all need to use at some point.
Tax Simplified with Pip Conn
Young Money is the one-stop reference for young Aussies seeking information on making money, spending money and planning for the future. These short podcasts introduce you to various guests who can offer the best advice for getting – and staying – on top of your finances.
This episode of Young Money invites you to sit down with Pip Conn to discuss all things tax, including:
- What is tax?
- Where do my taxes go?
- How does tax impact me?
Pip is a business adviser and practices in the accounting and tax advisory space, specialising in agriculture, health and retail trade.
Listen to the full episode right here and visit findex.com.au/young-money to access the full library of resources, including topics on:
Basic financial literacy
- Buy-now pay-later
- Starting casual work
- How to save and budget
- Uni debt
- Crypto currency
- Moving out of home
- Micro-investing
- Side hustles
- …and more!
Find Out More
Findex is one of Australasia’s leading and most geographically dispersed integrated advisory firms, with over 100 offices throughout Australia and New Zealand.
Findex believes in creating an entirely different financial services group and recognises its employees’ importance in achieving this goal.
Discover Findex and the opportunities available through our dedicated employer profile here at Explore Careers.
