Debit Cards V Credit Cards
When you’re under 18, you’re lucky! You can’t get into trouble with credit cards as you are under the legal age! But a lot of young people are encouraged to get credit cards when they turn 18! Beware as misuse of a credit card is one of the easiest ways to get into debt.
Let’s first look at the differences between the two. A debit card gives you access to your own money, so you are limited to withdraw or spend only as much as is in your account. When you turn 18...
Income Tax and Your Pay
Throughout your working life, you and the taxman are going to have a long and close relationship!
All for a good cause, though. Your income tax payments go toward providing the services we all take for granted as citizens, like education, hospitals, roads, defence etc.
The amount of income tax your employer deducts from your pay depends on how much you earn. At this stage it is likely to be a very small amount.
But how much is enough? Every working, money-earning person in Australia gets the Tax Office to work this out when they lodge their tax return.
At the end of the financial year (30 June) your employer will give you a form called a "payment summary" which tells you exactly how much you earned and how much tax they deducted from your pay.
You simply record this information on your tax return and send it to the tax office. They will figure out whether you've paid too much, not enough or just the right amount of tax. The good news is if you've paid too much, you'll get a nice refund!
