There’s a lot of different information on your payslip including what you’ve been paid, what amount your employer is paying into your super and what leave you have. We’ll help break everything down so you know what to look for.
What’s a payslip?
When you get paid from your employer you may also get a pay slip with each payment. Your payslip shows the amount you got paid and any contributions too. If you find a mistake, just let your manager or HR know, and they can fix it for you.
What your payslip includes
- Your name, address and tax file number
- Your employers name and ABN
- Your gross income (the amount paid before tax)
- Your net income (the amount after tax and what you receive in your bank account)
- Income tax amount
- Your super contribution
- Any sick or leave balances
- Any sick or leave balances taken
If any tax was taken from your pay, or you earnt more than $18,200 in a financial year (July – June), you’ll need to submit a tax return. Check out the ATO website for more information about tax and how to lodge a return. If you want to know how much tax you’ll be paying each week, check out the RACQ income tax calculator.
Tax time is also a good reminder it’s time to complete a new budget
and set new financial goals
. It’s a good idea to check your finances and speak to a professional
if you need a little extra help or guidance.
If you’re working on a continuing basis, and aren’t a casual employee, you’ll earn different types of leave, just like:
Sick and carer’s leave
This covers you if you, or some in your family is ill
You can apply for annual leave if you want a day off for recreation or a holiday.
Compassionate and bereavement leave
If someone close to you dies or you need to attend a funeral, you can apply for compassionate leave
Community service leave
If you need to attend jury duty you can use this type of community leave
If a public holiday falls on a day you would usually work, you could get paid for the public holiday. If you work the public holiday, you may be paid at a higher rate – just check your contract.
If you want to calculate your leave, check out the Fair Work Commission (FWC) website. You’ll be able to see your current leave balance by checking out your payslip or chatting to HR.