More Australians than ever are working two or more jobs
More Aussies than ever before are working at least two jobs to make ends meet.
The Australian Bureau of Statistics (ABS) today released figures earlier this month that showed the proportion of employed people working more than one job has increased to 6.5 per cent.
Today finance expert Effie Zahos warned that with multiple jobs come higher tax, and "trickier" claiming rules.
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Up to 6.5 per cent of employed Aussies have more than one job. Getty
"When you have two or more jobs (tax) is trickier," she said, adding employees should follow three simple steps.
"Work out how much money you are taking in. Then take care of Medicare, or if you have a uni debt or a HELP dent you have to factor that in as well.
"Then understand there is a threshold, so you don't pay tax up to $18,200.
"The tip here is, one employer should be claiming that and also you choose the employer that pays you the most generally with that."
The $18,200 tax-free threshold explained. Today
Zahos advised that a good accountant can help you get the most back.
"A good accountant can help you if you are juggling several jobs as an employee," she said.
"It's different if you're a contractor or a freelancer".
Zahos then shared her tips on how to manage seperate gigs.
Tips for managing seperate jobs. Today
"As someone who does juggle a few jobs, I know this very well.
"You've got to get your support system in place.
"Choose your second job carefully. For example, if you're a teacher it makes sense to be a tutor, that way you can still paid top dollar because you have the skill set."
You can watch the full segment at the top of the page.
The information provided on this website is general in nature only and does not constitute personal financial advice. The information has been prepared without taking into account your personal objectives, financial situation or needs. Before acting on any information on this website you should consider the appropriateness of the information having regard to your objectives, financial situation and needs.
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