There are many advantages to entering the workforce at a young age, building up your experience, developing your skillset in a chosen trade or profession, and earning some money in the process.
In this article, we will outline the key issues you need to keep in mind as you enter the workforce for the very first time.
How to Apply for Your First Job
In order to apply for your first job, you’ll need a Tax File Number (TFN for short). The process is simple enough, just follow this link to the ATO website and apply online.
Once you have a TFN, you can start looking for work! In NSW, there is no minimum age requirement stopping you from getting a job. The one exception to this is door to door sales, where you need to be at least 14 and 9 months.
However, be aware that companies do have their own in-house policies with regards to minimum age. For example, many fast food companies such as McDonald’s begin the recruitment process with children as young as 14 years old.
Many companies list their minimum age requirements on their website, so a company's website would be a good place to start your research.
What Documents Do You Need?
Your employer will need the following information to be able to hire you:
Remember to ask your financial institution to link your TFN to your savings account as this will avoid the financial institution withholding tax from any interest earned.
Do I Need to Pay Tax?
If you earn income, you will have to pay tax once you earn over the tax free threshold as determined by Government and as applied by the Australian Tax Office (ATO).
We recommend that you read over the ATOs special guidelines for tax rates applying to the income of minors if you want to do further research on the topic.
Making the Most of Your Savings Account
If you are a Holiday Coast Credit Union member, there are several features that make it easier to track your income including your pay. You can setup SMS notifications that will notify you when your employer has processed your pay. You can also setup SMS notifications to notify you when your account balance reaches a certain level - either a minimum or a maximum alert
If you are a Holiday Coast member, we highly recommend that you download our app to manage your account. To download our app, click here for iOS, or here for Android.
For more help on making the most of your savings account, call 1300 365 7 24, email ubelong.com.au or drop into one of our Holiday Coast branches near you.
This article provides general information only and should not be relied upon as financial product advice.