Starting a new job, whether it's a casual, part-time or full-time position, means thinking about what you'll do with the money you earn, and how you'll manage and protect it.
You'll need to make some decisions about where and how your pay will be deposited. You'll also need to think about your superannuation needs.
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The bottom line
- Give your new employer your tax file number and bank account details.
- Help your savings by asking your employer to split your pay into an every day account and a savings account.
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First things first - your details
When you start a new job, you will need to give your employer your tax file number and bank account details.
If your pay goes straight into the bank, you may be able to give your savings plans a kick start. Check with your employer to see if your pay can be split up and put into different accounts. If part of your pay goes straight into a savings account, you may not miss it as much. You could also take advantage of an account that offers savings incentives such as extra interest payments if you don't withdraw your money.
It pays to shop around to get the best deal on fees and charges when you are choosing bank accounts. See Saving.
Tax
Your employer will ask you to complete a Tax file number declaration form. If you don’t have a tax file number, your employer will have to take tax out of your wages at the top personal rate. Contact the Australian Taxation Office if you don’t have one. See More information.
Superannuation
Superannuation is a way of saving for your retirement.
Under the Government's superannuation guarantee, employers are generally required to contribute an amount equivalent to at least 9% of your earnings into a superannuation fund or retirement savings account. Most employees are eligible for superannuation. You can check with the Australian Taxation Office to see if you are eligible. Many Australian employees can now also choose which fund their superannuation guarantee contributions are paid into.
See Superannuation.
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The bottom line
If your employer is not paying superannuation contributions and you believe that you are entitled to them, contact the Australian Taxation Office:
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Life and income protection
Consider your insurance needs, especially if you have people who depend on you financially. For example, do you need insurance to give you an income should you be unable to work due to sickness or an accident? See Insurance.
More information
You can find out a lot more about money decisions when you start work. See More information.