Women Trading Up Support Program: Prepare for tax time

Prepare for tax time

Tax time can be a bit daunting for anyone, whether it’s your first time or your 15th!

Tax rules change, your personal circumstances change, and we all get well-intentioned but ultimately unreliable advice from family and friends. Some people will seek out an accountant to help them complete their tax return, while others are confident and experienced enough to do their own returns.

Whatever you may be doing, we have prepared this helpful guide for your tax return and give you an understanding of tax deductions.

To prepare and lodge a tax return online, you need a myGov account with the Australian Taxation Office (ATO) linked to it. Find out how to link the Australian Tax Office to your myGov account.

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As tax time approaches your employer/s are obligated to submit a payment summary of the total amount you were paid in that financial year and any withholding payments, to the Australian Taxation Office. If you have any other streams of income, independent of your apprenticeship this also need to be declared. This usually happens in the first few weeks of July. Once they have submitted this, it will appear in your MyGov account and will allow you to complete your Tax Return.

Want to know what you can claim as a deduction? Or what a Medicare Levy is?

Did you know you can claim the cost of sunscreen and other forms of sun protection like sunnies and hats if you work predominately outside? Here are some helpful resources about all things tax time:

Check out this helpful resource for Apprentices by the ATO.

Alternatively, get started with the Curtin Tax Clinic Tax Essentials Booklet by Curtin Tax Clinic or visit the Australian Taxation Office.

Are you claiming the Australian Apprentice Support Loans (AASL)?

If you are, it is important to know how this may affect you at Tax Time. Currently the compulsory payment threshold for the Trade Support Loan is $51,550 (for 2023-24). So if you are an apprentice claiming the TSL and you begin to earn over the payment threshold you will be required to pay a percentage of your taxable income back toward your TSL at Tax Time. This is usually handled by your employer withholding those payments each pay cycle and paying to the ATO on your behalf – however for this to happen you must submit a Tax File Declaration to your Employer to declare your TSL so they can begin the withholding payments. If you haven’t declared your Trade Support Loan you may be required to pay back a small percentage of your TSL at tax time and sometimes that catch you off guard!

To better prepare for TSL repayments and avoid any unexpected tax bills make sure you let your employer know when you begin to earn over the threshold or put some money aside each pay cycle to ensure you have the funds to pay back your TSL at tax time.

Useful links:

Free tax consultation

Are you looking for advice from a tax accountant?

Curtin Tax Clinic provides a free tax consultation service and have offered their services to you as an apprentice/trainee with Apprenticeship Support Australia.

You will need to submit an online application form, and once your support has been confirmed, you can book a consultation with a CTC staff member and student volunteer.

Make sure you ask them for any tips on spending or receipts for next years tax return.

Need a helping hand? Our mentoring team are here for you.

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