ANZ - Getting the most from your pay

Getting the most from your pay involves some basic principles of budgeting, saving and investing along with having a plan. Taking the right steps could make a significant difference to you now and in the future.

Tax
There are all sorts of taxes, both state and federal but the main tax most of us pay is income tax. Tax can be complex and the following is a basic overview. We suggest you seek advice from a professional accountant or tax adviser before making any decisions. Tax File Number – in most cases, when you start work or soon after you will get a Tax File Number (TFN). You can apply through Centrelink or the ATO. It is not against the law not to have a TFN but if you don’t you may pay more tax. When you pay tax – most employees pay tax throughout the year as they earn their income. The tax is withheld by their employer and passed onto the ATO. The amount you pay will depend on your income – view current rates. Your tax return – at the end of each financial year (June 30) you will need to lodge an income tax return with the ATO. You can do this yourself or hire a registered tax agent to do it (in most cases their fee will be tax deductible. Depending on the deductions to which you are entitled and the amount of tax you paid during the year you may be entitled to a tax return. Temporary resident –if you are a temporary resident or tourist then different tax rules will apply and you should contact the ATO. Self-assessment – Australia’s taxation system works on a self-assessment method. This means the ATO initially accepts what you have declared on in your tax return. However there are severe penalties, including jail, for defrauding the tax office and the ATO does conduct checks and audits.

Tax

There are all sorts of taxes, both state and federal but the main tax most of us pay is income tax. Tax can be complex and the following is a basic overview. We suggest you seek advice from a professional accountant or tax adviser before making any decisions.

Tax File Number – in most cases, when you start work or soon after you will get a Tax File Number (TFN). You can apply through Centrelink or the ATO.

It is not against the law not to have a TFN but if you don’t you may pay more tax.

When you pay tax – most employees pay tax throughout the year as they earn their income. The tax is withheld by their employer and passed onto the ATO. The amount you pay will depend on your income – view current rates.

Your tax return – at the end of each financial year (June 30) you will need to lodge an income tax return with the ATO. You can do this yourself or hire a registered tax agent to do it (in most cases their fee will be tax deductible. Depending on the deductions to which you are entitled and the amount of tax you paid during the year you may be entitled to a tax return.

Temporary resident –if you are a temporary resident or tourist then different tax rules will apply and you should contact the ATO.

Self-assessment – Australia’s taxation system works on a self-assessment method. This means the ATO initially accepts what you have declared on in your tax return. However there are severe penalties, including jail, for defrauding the tax office and the ATO does conduct checks and audits.

How we can help
It’s one thing to get the most from your pay, and another to start to make it work for you. We can help. An A-Z Review^® - we can do a lot more than just ensure your pay is directed into the right account. We have personal bankers that can help tailor your banking to your needs and help you access benefits that could be available to you as a result of the accounts you hold with us.Request an A-Z Review^® at your nearest ANZ branch. An ANZ Financial Planner – why work hard to earn a living and support yourself and your family and not take the next step of having a tailored plan in place to help create wealth and help to secure your financial future? Your first appointment is complimentary and without obligation, to discuss your financial situation, needs and goals and explain how the ANZ Financial Planner can assist. Book an appointment with an ANZ Financial Planner. ANZ Income Protection – getting the most from your pay also means making sure you don’t lose it if you are unable to work. ANZ Income Protection can help cover up to 75% of your monthly pre-claim earnings¹ up to a maximum of $10,000 if you cannot work through illness, injury or involuntary unemployment. Find out more about ANZ Income Protection. ANZ Financial Planners are representatives of Australia and New Zealand Banking Group Limited, ABN 11 005 357 522, the holder of an Australian Financial Services licence. 1. The monthly amount payable for a valid claim may be less than the monthly amount insured for the Income Benefit selected at the time of application, depending on your pre-claim earnings and other payments. The monthly amount payable excludes business expenses. ANZ Income Protection is issued by OnePath Life Limited (OnePath Life) (ABN 33 009 657, 176 AFSL 238341). OnePath Life is a wholly-owned subsidiary of Australia and New Zealand Banking Group Limited (ANZ) (ABN 11 005 357 522, AFSL 234527) an authorised deposit-taking institution (Bank) under the Banking Act 1959 (Cth). OnePath Life is the issuer of the product but it is not a Bank. Except as set out in the issuer’s contract terms (including the PDS), this product is not a deposit or other liability of ANZ or its related group companies. None of them stands behind or guarantees the issuer. The information provided is of a general nature and does not take into account your personal needs and financial circumstances. You should consider the appropriateness of the information, having regard to your objectives, financial situation and needs. You should read the ANZ Income Protection Product Disclosure Statement and Policy (PDF 324kB) and ANZ Financial Service Guide (PDF 104kB) and consider whether this product is right for you. ®A-Z Review is a registered trademark of Australia and New Zealand Banking Group Limited (ANZ) ABN 11 005 357 522.

How we can help

It’s one thing to get the most from your pay, and another to start to make it work for you. We can help.

An A-Z Review^® - we can do a lot more than just ensure your pay is directed into the right account. We have personal bankers that can help tailor your banking to your needs and help you access benefits that could be available to you as a result of the accounts you hold with us.Request an A-Z Review^® at your nearest ANZ branch.

An ANZ Financial Planner – why work hard to earn a living and support yourself and your family and not take the next step of having a tailored plan in place to help create wealth and help to secure your financial future? Your first appointment is complimentary and without obligation, to discuss your financial situation, needs and goals and explain how the ANZ Financial Planner can assist. Book an appointment with an ANZ Financial Planner.

ANZ Income Protection – getting the most from your pay also means making sure you don’t lose it if you are unable to work. ANZ Income Protection can help cover up to 75% of your monthly pre-claim earnings¹ up to a maximum of $10,000 if you cannot work through illness, injury or involuntary unemployment. Find out more about ANZ Income Protection.

ANZ Financial Planners are representatives of Australia and New Zealand Banking Group Limited, ABN 11 005 357 522, the holder of an Australian Financial Services licence.

1. The monthly amount payable for a valid claim may be less than the monthly amount insured for the Income Benefit selected at the time of application, depending on your pre-claim earnings and other payments. The monthly amount payable excludes business expenses.

ANZ Income Protection is issued by OnePath Life Limited (OnePath Life) (ABN 33 009 657, 176 AFSL 238341). OnePath Life is a wholly-owned subsidiary of Australia and New Zealand Banking Group Limited (ANZ) (ABN 11 005 357 522, AFSL 234527) an authorised deposit-taking institution (Bank) under the Banking Act 1959 (Cth). OnePath Life is the issuer of the product but it is not a Bank. Except as set out in the issuer’s contract terms (including the PDS), this product is not a deposit or other liability of ANZ or its related group companies. None of them stands behind or guarantees the issuer. The information provided is of a general nature and does not take into account your personal needs and financial circumstances. You should consider the appropriateness of the information, having regard to your objectives, financial situation and needs. You should read the ANZ Income Protection Product Disclosure Statement and Policy (PDF 324kB) and ANZ Financial Service Guide (PDF 104kB) and consider whether this product is right for you.

®A-Z Review is a registered trademark of Australia and New Zealand Banking Group Limited (ANZ) ABN 11 005 357 522.

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Getting the most from your pay

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