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- Having a part time job will be of interest, if not now, later on
- So today we're here to talk about paying tax and having superannuation
- As Mr Freeth said, tax is essential for daily services, and we don't have to worry about it; our employer sorts it out.
- Now... tax might sound daunting, but it's simple. It is a percentage of your overall income remitted to the government to finance essential services, like our school.
- Percentage?... how much tax do we pay?
- These different percentage rates are known as the progressive tax system, so an unjust tax rate does not cause a financial burden on families and vice versa.
- Excellent question; the percentage is based on a workers income to ensure equality among low and high-income earners.
- Retirement?... how much money will be in my super fund?
- Tax is not the only requirement sorted out by your employer; they also pay you superannuation on top of your wage.
- Super is crucial as it is money placed in a fund for financial security after retiring.
- Over time, these investments gain compound interest within the super fund; like Mr Freeth and I, our fund has grown significantly from this compound interest so that we can retire comfortably.
- Currently, its 10.5% of ordinary hours earnings that an employer has to contribute, but by 2025, it is projected to peak at 12%
- We learnt about tax today, how it helped fund our school and the importance of having a super fund for retirement to live a flexible life.
- After retirement, I want a motor home to travel around the beautiful Australian coast, so having enough super will be crucial.
- Yes, paying tax is very important for these services, like schools and the police station behind us.
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