Congratulations, you’ve landed your new job!

Here are some tips for navigating the seemingly endless paper trail and keeping track of your entitlements.

Starting your first or a new job is exciting. You may be embarking on a career path after finishing study or taking the next step in your career.

On the job, you’ll be busy learning new things and it can be easy to miss the finer details when it comes to keeping track of your entitlements and obligations.

Here are our top three tips on what you’ll need to read, sign and keep track of.

Complete the paperwork!

Before you head into work on the first day, you’ll probably receive some forms to read and sign—for example:

  • A letter of offer or employment contract—details the arrangement you’ll have with your new employer. Read it thoroughly and understand what you’re agreeing to. Speak with your employer if you disagree or have questions. Once you’re happy, sign it and keep a copy for your own records.
  • Tax file number (TFN) declaration—you’ll need to provide your TFN so you don’t end up losing 47% of your wages to the Australian Tax Office (ATO). Find out more at the ATO website.
  • Bank account details request—have your BSB and account number handy so your employer can transfer your pay into your account.

Take charge of your super

Before your first day of work invest time finding the right super fund for you, and by having just one account you’re likely to save on fees and charges. Here are some important things to consider:

  • Your employer is obliged to pay at least 9.5% of your salary into a super fund on your behalf—your super can accumulate into a substantial sum in your working lifetime.
  • You normally have a right to choose your own super fund. But if you don’t make a choice, your employer will pay your super into a fund they nominate. 
  • Take an interest in your super early on and you could benefit from compound interest in a big way—the super calculator at the MoneySmart website shows how much you could end up with.

Check your payslip

It's important to check your payslip every pay day to ensure it's accurate:

Make the most of your money

When you start earning money, it can be all too easy to spend, spend, spend! But if you set some goals and build a budget using our budget planner you could end up being very well off—and still have fun and spend money.

Even if you’re not earning that much right now, find a financial adviser so you can pay off any HECS debt you may have and work out how to make the most of your money!

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It’s important to consider your particular circumstances and read the relevant Product Disclosure Statement before deciding what’s right for you. This information is general in nature and hasn’t taken your circumstances into account. 

This information is provided by AMP Life Limited. Read our Financial Services Guide for information about our services, including the fees and other benefits that AMP companies and their representatives may receive in relation to products and services provided to you. All information on this website is subject to change without notice.  

The issuer of AMP Flexible Super is AMP Superannuation Limited ABN 31 008 414 104. 

Although the information is from sources considered reliable, AMP does not guarantee that it is accurate or complete. You should not rely upon it and should seek qualified advice before making any financial decision. Except where liability under any statute cannot be excluded, AMP does not accept any liability (whether under contract, tort or otherwise) for any resulting loss or damage of the reader or any other person.