I don't have insurance or anything and im working casual for a company however on my payslip there is a income protection payment on my payslip
also im paying .33c to a dollar in tax is that a normal tax rate
Why is there UI INCOME PROTECTION on my Casual payslip? and .33 to the dollar tax
mp3police on 23/01/2016 - 17:57
Comments
well that sucks between getting layed off and looking for work half way thru the year i only got like 16K between the 2 jobs
Depends how much you earn by the end of the financial year. If you've earned under $18200, you will get all your tax back.
that would be nice as i feel im paying an absurd amount thanks for the information appreciate it
It should be forecasting your income based on each payslip. If you earn $2000 one week, you're estimated to earn over $100,000 P.A. and you are taxed accordingly. If you earn $500, you're estimated to earn around $25,000 P.A. and are taxed accordingly.
However, in the end, it all tallies up what you should have paid and you will get back any amount over this as a refund.
As for the income protection insurance, find out who it is and whether you inadvertently agreed to it. Generally speaking, as a casual, you're unlikely to be able to claim on this kind of insurance and shouldn't be paying for it.
You can get income protection insurance as a casual, but you need an ongoing relationship with your employer, and fairly standard hours, at least 16-20 per week. Initially, no company would consider paying out on this kind of insurance, it's not worth having until you've held the role at least a year or so.
@spersephone: im a casual who just started around 8 weeks ago and do over 40 hours a week but i get $27 in benefits listed under income protection
onlt thing that confuses me early in 2015 i was working when i got $1300 id get taxed around $300 now that i make $1300 a week i get taxed almost $450
When you filled out and returned your Tax File Number declaration form to your employer, there would've been a question asking whether you want to claim the tax-free threshold.
If you tick yes, your employer will withold less tax (up to a certain point) as it is your main source of income.
Having $0.33 per dollar witheld on a casual job leads me to believe that you may ticked "no" to that question and hence the pay for this job is being treated as a secondary income.
If that's the case, you can speak to your employer and redo that form.
PS: The net affect at the end of the tax year is no different regardless of what you've ticked. If you've overpaid tax, you'll get it back. If you've underpaid, you'll owe the tax office.
Yes, did you say it was a second job? This is probably the reason then.
i left my previous job 5 months previous and im sure i ticked the tax free threshold
You need to double check, and/or complete a new one with this ticked!
I'd be raising the issue of the income protection with your employer and asking for information on it. If it's not something that you signed up for, I can't see how you'd be covered, but it may well be some arrangement that your employer has in place with the company whereby all their employees are covered (I don't know whether such a thing exists or not.) Based on the info they give you you will be able to make an informed decision on whether you actually want it or not, if it's voluntary. I think I'd be asking for some sort of paperwork that shows you actually are covered either way.
The ATO website has a calculator you can use to work out how much tax you should be paying. Has a spot for your name, but it is not required. Just answer the questions and you get your answer. 33 cents sounds a bit odd as a tax rate though. Hopefully they are just taking a tax rate and rounding it up or down to make things easier for themselves.
Anyway, here's the link…..
https://www.ato.gov.au/Calculators-and-tools/Tax-withheld-ca…
Whatever you earn after 37k is taxed at 32.5% https://www.ato.gov.au/rates/individual-income-tax-rates/