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hey everybody welcome back to australian financial literacy where we discuss money tips tax navigating financial decisions starting with the basics and working our way up to smarter informed choices the class you wish you had in school we're going to break down the fundamentals and build up our understanding today we're going to break down reading a pay slip alrighty so there's a lot to look at on this document so we're going to break it down into the different steps because there's a lot involved um with your pay slip so we're going to start with um in this example of this mcdonald's pay slip the top bit which describes his position classification employment pay scale and award so all these details are providing you with the information for how much you're getting paid and against what award you're getting paid [Music] to check you're getting paid correctly simply type in the award that's quoted on your payslip so for example this one would be the mcdonald's award fast food award industry and look for the fair work ombudsman they have all the details about entitlements that sort of thing so in this one they do a quick summary where you can go through for a casual what level you're on and then for example what age and then the minimum base rate so on our pay slip because he was 16 uh his base rate should be at minimum 1361 but he was getting the extra 14 one so it doesn't matter if your pay is exact as long as it's above the minimum per hour per your reward and if you need clarification always ask a manager or anyone in finance to help you out when you're looking for yourself [Music] so back to our example um we had the rest super funds the nominated superannuation trust for our employee so rest stands for retail employee superannuation trust if you don't nominate a trust fund often your employer will nominate one for you but it is compulsory to have one so essentially what your superannuation is and i will do a dedicated video to superannuation is the amount of money that your employer puts aside for your retirement in the future so it just sits there and accumulates um over your working life there are some rules around it so for example you have to earn more than 450 in a calendar month as a casual and above the age of 18 in order to get superannuation but usually for part-time or full-time employees you will get that additional nine and a half percent put away into your super fund for the future [Music] so from our example payslip we can see that the employee nearly worked five hours and his base rate times the hours worked per his timesheet gave him an amount of 71.19 cents he also got an additional laundry allowance of 1.25 and a casual loading of 17.80 the casual loading represents um an additional amount of money um above the award for casuals as they don't receive entitlements like annual leave sick leave um and those sorts of things so then his total gross pay was 90.24 and an amount was taken out known as payg tax or pay as you go tax so we can see that a fairly substantial chunk of his money is being taken out only leaving him with 47.24 going into his account this amount is quite high especially when in australia as of 2021 uh you don't pay any tax on your first eighteen thousand two hundred dollars this is because uh the employee hasn't claimed the tax free threshold so if he was to claim that i'll show you an example of just on screen right here when you are going for your job you can choose whether to claim the gst three threshold which means there'll be more money given to you week to week as you're not actually going to likely be paying any tax because you won't be earning enough um but back on our pay slip because he hasn't chosen he's taken 45 cents to the dollar in tax now when he does do his tax return at june 30 he will get that back so long as he hasn't made above um you know the amount that's been taken out which would be 120 200 000 a year this is very unlikely as he's only getting paid 90 a week at the moment so he will be getting that back so it's all a matter of timing whether you want that money now into your account each week or whether you can save it as a lump sum at the end of the year when you do your tax return thank you so much for listening i hope this has been insightful if you have any questions or queries um leave a comment below don't forget to like and subscribe and if you have any more suggestions for videos please let me know thank you have a great day [Music] so [Music] you