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Understanding your payslip

With your first pay, you’ll also receive a payslip – a document outlining how many hours you’ve worked and most importantly, how much pay you’ll get. Understanding what’s in your payslip will help ensure you receive the correct pay and entitlements. Your pay slip should include the following information, at the very minimum:

  • The pay period, date of payment and the gross (before tax) and net (after tax) payment amounts.
  • Any loadings, allowances, bonuses, incentive-based payments, penalty rates or other paid entitlements that aren’t part of your usual ordinary hourly rate/salary.
  • Superannuation contributions paid and the name and/or number of the superannuation fund the contributions were made to.

The biggest deduction you’ll most likely see on your payslip is tax. Your employers are required to take tax from your pay, which is then sent to the Australian Taxation Office (ATO). In a nutshell, this money is used to help the government provide facilities to the community such as roads, our defence force, schools, public health and hospitals, just to name a few.

The amount of tax that’s deducted from your pay is calculated based on how much money you earn and the information you provided when you submitted your Tax file Number (TFN) to your employer.

At the end of each financial year, you’ll need to lodge a tax return. This tells the ATO how much income you’ve received and how much tax you’ve paid. They will then let you know if you owe more tax, or if you’re entitled to a tax refund. Find out more about tax and tax returns

Superannuation is a compulsory government savings program designed to help you have enough money to live on when you retire (usually when you’re around 65 years of age). It may seem like a long way off, but the sooner you start building your super, the better off you will be in the long run.

If you’re eligible (over 18 years or under 18 and working more than 30 hours per week), your employer must pay a percentage, currently 9.5% of your salary, into your super fund, each time you’re paid. If you haven’t opened a super account, find out more about Essential Super, our low-fee super fund that sits alongside your other accounts in NetBank.

  • Find out if you're entitled to any bonuses or employee benefits, such as staff discount cards. 
  • According to the Fair Work Ombudsman, you must be given your pay slip within one working day of pay day, even if you are on leave, so have a chat to your employer if you don’t receive your payslip.
  • Open a savings account and put a chunk of your pay away every time you get paid. Saving money can be tough, but the earlier you get into the habit, the sooner you’ll get used to it.
  • If you’ve saved a little more and want to lock your money away for a certain amount of time, a term deposit could be a good option.
  • Don’t forget you can check if you have been paid by using NetBank or the CommBank App

Your first job

Tips for teens...

Get off to the right start with bonus interest when you save regularly, with a YouthSaver.

Find out how much you could save and how long it would take with our savings calculator.

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