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Tax Free Threshold

Tax Free Threshhold

The first $18200 of your yearly income is not taxed if you are an Australian resident for tax purposes. It is called the tax-free threshold. The tax threshold is equivalent to $350 a week, $700 a fortnight and $1517 a month.

TOO MUCH WITHHELD

If your income is over $18,200 and too much is withheld, you can apply to reduce the amounts withheld from your payments. This can be done by lodging a PAYG withholding variation application. When ATO receives your application, they would calculate the varied amount and your employers would be given with new instructions for withholding tax. This variation should only be applied if you are certain of your income amounts and are disadvantaged by the current withholding rates.

TOO LESS WITHHELD

To cover your likely tax liability, if the tax withheld from your payments is too little, you can ask one or more of your employers to increase the amount they withhold from your payments. Your request should be in writing but can be in any format such as email, paper or computer-based form.

HAVING INCOME FROM 2 EMPLOYEERS

Receiving salary by two or more employers at the same time.

For example, you may:

  • have two jobs
  • receive a taxable pension or government allowance and have a regular part time job.

If you have more than one employer at the same time, you only claim the tax-free threshold from the employer who usually pays the highest salary or wage.

Your second employer is required to withhold tax at the higher, ‘no tax-free threshold’ rate. The same applies to any additional employers. This reduces the likelihood of you having a tax debt at the end of the financial year.

Where the income from the both sources are combined and under the threshold limit than again there would be no tax payable and all tax held will be credited back to your account when you lodge your tax return.

You can also claim the tax-free threshold from each employer if it’s under $18200.

If you’re a resident for part of the year

Your tax-free threshold is less than $18,200 in a financial year if you:

  • entered with the intention to resided in Australia during the year
  • left Australia with the intention to reside overseas during the year

If you’re a non-resident you’re not entitled to the tax-free threshold. This means you pay tax on every dollar of income you earn in Australia.

If you were a resident for part of the year, you have a tax-free threshold of at least $13,464. The remaining $4,736 of the full tax-free threshold is pro-rated according to the number of months you were a resident:

$13,464 +

$4,736 x number of months as a resident of Australia
12

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