TFN
What does TFN stand for?
Tax File Number
What is gross pay?
Money you earn before tax or deductions.
What is 'super' short for?
Superannuation
What is a payslip?
A piece of paper (or online record) that shows how much you earned, tax, deductions, and net pay
What is a budget?
A plan for how you spend and save money.
What is a TFN?
A special number from the government for paying tax and working in Australia.
What is net pay?
Money you get after tax and deductions – the money that goes in your bank.
What is superannuation?
Money your boss pays into a retirement account
What is a wage? Can you give an example?
Money for each hour you work.
Eg. $20 an hour
True or False: You must be 18 to pay tax in Australia.
False (anyone earning money pays tax).
Who needs a TFN?
Anyone who works in Australia.
What are deductions?
Money taken out of pay for tax, super, or other payments like study loans.
Who pays super?
Your employer (boss).
What is a salary? Can you give an example?
A set amount per year, no matter hours worked.
Eg. $80,000 per year.
If you spend less money than you earn, what do you have?
Savings
How do you get a TFN?
Apply online at the ATO website or at Australia Post.
If you earn $1000 gross pay, your tax is $200 and your deductions are $50, what is your net pay?
→ $750
(Gross $1,000 – Tax $200 – Deductions $50 = Net $750)
How much super does an employer pay in Australia?
11.5% of your earnings
If you earn $25 per hour and in 1 week you work 10 hours and the next week you work 20 hours, how much is your wage in that fortnight?
→ $750
(Week 1: 10 × $25 = $250, Week 2: 20 × $25 = $500, Total = $750)
What does ATO stand for?
Australian Taxation Office
If someone works but doesn't earn over $18,200, do they still need a tax file number? Why/why not?
Yes, because the government needs to know when they go over $18, 200 and need to start paying tax.
What information do you usually see on a payslip?
Name at least 5 things.
Employee details – your name and sometimes your employee number.
Employer details – the business or company name.
Pay period – the dates you are being paid for (e.g. 1–14 Sept).
Gross pay – the total amount you earned before deductions.
Deductions – money taken out (tax, super, union fees if any).
Net pay – the money you actually get (goes into your bank).
Superannuation contribution – how much your employer paid into your super.
What age can you usually access your super in Australia?
65
If your salary is $48,000 a year, how much do you earn each month (before tax)?
$4,000 per month
What is a Loan? What do you usually have to pay with it (extra money)?
A loan is money you borrow from a bank, the government, or another person.
You must pay it back later.
You usually also pay extra money called interest.