Taxfree Threshold | PUNT ROAD END | Richmond Tigers Forum
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Taxfree Threshold

thegdog

Tiger Superstar
Sep 28, 2009
1,922
691
Does anyone not claim the tax-free threshold as a means of forced savings to get extra refund at tax time? if so, how much a pay do you lose (weekly or fortnightly) based on 100 - 105k salary?
 

mrposhman

Tiger Legend
Oct 6, 2013
13,458
11,880
Why would you do that? If you want to save the money just allocate to a savings account each month the amount that you want to hold back. At least that way you can invest it and can some sort of return even if low in a savings account. Better for you to earn that interest that the government.

You can set all this up with standing transfers each month in your internet banking so you never have to touch it. You'll just see the lower amount hit your spending account.
 

thegdog

Tiger Superstar
Sep 28, 2009
1,922
691
Why would you do that? If you want to save the money just allocate to a savings account each month the amount that you want to hold back. At least that way you can invest it and can some sort of return even if low in a savings account. Better for you to earn that interest that the government.

You can set all this up with standing transfers each month in your internet banking so you never have to touch it. You'll just see the lower amount hit your spending account.
Not good at saving unfort
 

thegdog

Tiger Superstar
Sep 28, 2009
1,922
691
If you separated accounts though wouldn't that make it easier?
More doable for me if it’s something I don’t have to think about and get refund at end. Just want indication how much a pay I would lose
 
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mrposhman

Tiger Legend
Oct 6, 2013
13,458
11,880
More doable for me if it’s something I don’t have to think about and get refund at end. Just want indication how much a pay I would lose

Not 100% certain but pretty sure you would be taxed at 19% so thats $3,458 / year or $66.50 / week.
 

tigerman

It's Tiger Time
Mar 17, 2003
19,163
11,580
Does anyone not claim the tax-free threshold as a means of forced savings to get extra refund at tax time? if so, how much a pay do you lose (weekly or fortnightly) based on 100 - 105k salary?
You can ask your employer to increase the amount they take (tax) from your pay, which will give you a bigger tax return. It needs to be in writing.
 
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MD Jazz

Nuance is hard to find
Feb 3, 2017
9,664
7,982
You can ask your employee to increase the amount they take (tax) from your pay, which will give you a higher tax return. It needs to be in writing.
Correct. That is a better way IMO. Eg you ask them to deduct an extra $50 a week and you end up with an extra 2600 at tax time.
 
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