Money basics for your first job

A first payslip is usually the first time real money math happens to you with nobody explaining it as they go — small mistakes here (an unclaimed threshold, an unconsolidated super account) compound quietly for years rather than announcing themselves.

This is general information, not personal financial advice — giving advice tailored to your specific situation legally requires an Australian Financial Services Licence, which is exactly why booking a query gets you a person, not just this page.

Your payslip

Every payslip should show, at minimum:

• Gross pay (before anything is taken out)
• Tax withheld
• Superannuation contributed on your behalf
• Net pay (what actually lands in your account)

Check it against your actual hours occasionally, especially in your first few pay cycles — payroll mistakes happen and are far easier to fix quickly than months later.

Superannuation

Your employer must pay the Superannuation Guarantee — 12% of your ordinary earnings as of the 2025–26 financial year — into a super fund of your choice, on top of your pay, whether you're casual, part-time, or full-time.

• If you don't nominate a fund, your employer pays into a default one, which may not be the best choice for you.
• Multiple jobs often mean multiple super accounts — each charges its own fees, so consolidating into one fund (via the ATO through myGov) usually saves money.
• Check what insurance (life, income protection) comes bundled with your fund by default — sometimes useful, sometimes not, worth knowing either way.

Tax

• Submit your TFN declaration on day one (see getting set up) so you're not taxed at the top rate by default.
• Australia's tax-free threshold and marginal brackets mean most part-time student income is taxed lightly or not at all — but if you hold two jobs, only claim the tax-free threshold with one employer.
• Lodge a tax return every year (myTax via myGov, or through a registered tax agent) — many students are owed a refund from over-withheld tax.

HECS-HELP

Your loan balance is indexed annually and voluntary repayments reduce it — worth checking your balance and the current indexation rate via the ATO each year rather than assuming it's static.

Everyday budgeting

Student income is often irregular — a simple split (a "bills" account you don't touch day-to-day, a spending account for everything else) survives irregular pay better than tracking every transaction by hand. MoneySmart (ASIC's free government resource) has budgeting tools worth using instead of a paid app.

Watch for scams

• The ATO will never ask for payment via gift cards, and won't threaten immediate arrest over the phone.
• Nobody legitimate needs payment to "process" a TFN, ABN, or tax return lodgement beyond a registered tax agent's normal, disclosed fee.

For anything specific to your own payslip, offer, or super fund, that's exactly what booking a query is for.