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:
- The ATO’s tax withheld calculator can help you work out how much tax should be taken out. If there’s a different amount on your pay notice, speak with your employer or visit the Fair Work Ombudsman’s website.
- Use the employer contributions calculator at the MoneySmart website to calculate your super entitlements and check the deposits go into your super account. If your super’s with AMP, you can easily keep track of your super using the mobile and tablet apps and online banking.
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!
According to research, you could be paying up to six times the retail price of the items that you are leasing.