How to Calculate Your Tax-Free Threshold

You have two jobs. The first job you would claim the tax-free threshold. The second job you wouldn't, but on both jobs, you would tell them that you've got hex or help debt. So at least both jobs are withholding an amount. Now if your second job is earning under the threshold of 48,361, they won't be withholding any. And likewise, if you didn't tell your employer to withhold a hex and a help amount, again, when the ATO does their reconciliation with your tax return, you'll just get a bill. If you earn $70,000, the repayment rate is 4%. So grab your calculator, hit $70,00 times