Your First Job

Getting prepared for your first job 

We understand how overwhelming starting your first job can be. That's why we go to great lengths to help you on the journey. At BOQ, our first time job starters can benefit from:

• Access to competitive interest rates across a range of products, to help you find the one to suit your needs
• Easily manage your account via your internet banking
• Customer Contact Centre here to help with your banking needs. Visit www.boq.com.au/contact-us for our operating hours.

Step 1: Opening Your First Bank Account 

Getting paid sorted

Generally, your new employer will deposit your pay directly into your bank account. Bank accounts fall under two categories; savings and transactions, and generally most employers will pay employees into their nominated transaction account. We're here to talk you through all the steps to make banking easier.

Here's some quick tips to getting set up: 

• Open your transaction account of choice 
• Then, select your linked savings account of choice  
• Understand the benefits of online banking 
• Understand the fees that may be associated with these accounts 

For more tips about starting your first job check here

Step 2: Sorting out your paperwork 

Getting organised with taxes

Before you even begin your first job, your new employer will send you some paperwork so they can pay you. One of those documents will ask you to supply your bank account details. Once you've nominated your transaction account you'll need to fill out the paperwork and submit it directly to your employer. Your employer will also need your TFN (tax file number). When starting your first job you'll need to obtain a TFN by completing a TFN declaration. This can be obtained from the ATO directly here. Your employer will then use your TFN declaration to determine how much tax to withhold from your pay. The tax year covers the dates from 1 July to 30 June, and the filing due date is 31 October. 

Once you've received your first payslip your employer will disclose the amount of tax has been deducted from your wage. 

Here are some of the reason you'll need to file a tax return: 

• You're employed (or self-employed) and earning over $18,200 
• Tax was deducted from payments made to you (such as wage) during the financial year 
• You're a foreign resident who earned over $1 in Australia 

There are also multiple ways you can prepare your tax return:

• Lodge it online using myTax 
• Hire a registered tax practitioner 
• Send your paper form directly to the ATO

For more tips about lodging your first tax return check here

Step 3: Selecting your superannuation 

Start your superannuation journey 

While thinking about your superannuation might not feel relevant today, the reality is it will one day. Superannuation is one way for you to start saving for your retirement. Your new employer will pay part of your salary into your nominated super account. This is called a contribution.

When selecting your super account here are some things to consider:

• You can only withdraw your super under certain circumstances eg. retirement or turning 65 
• You will need to be 18 years old or over, and also be paid $450 or more (before tax) in a calendar month
• Or, if you're under 18 years old, being paid $450 or more (before tax) in a calendar month and work more than 30 hours in a week 
• Your employer is required to pay a minimum of 9.5% of your ordinary time earning into your account 
• Most people nominate their super fund of choice, however most employers do have a nominated super fund or 'default fund' you can also access 
• Keeping track of your super is important and using your TFN to monitor your super can make the process easier 

For more tips about superannuation check here

Step 4: Let's start saving 

Managing your income 

Budgeting, understanding your payslip and bank accounts, knowing how much to spend and how much to save is important. Your savings could one day contribute towards bigger purchases such as a deposit for a car, overseas travel or even a home.  

Here are some things to consider when thinking about saving for the future:

• Closely monitor how much you spend per month making sure to include everything from gym memberships, tv subscriptions and take away food expenditure 
• Consider carefully where you're spending your money, breaking down your budget into various categories as this will make budget monitoring easier
• Understanding where you're money is being spent will help you understand where you can save 
• Check you're paying your bills on time to avoid late payment fees and charges
• Once you've established what you're spending per month then you can calculate the difference between what you're earning, the remaining amount will be what you're saving 
• If you're not able to save per month perhaps it's time to review your monthly spending 

For a helpful budget planner check here

Helpful hack tools for starting your first job

Let's get job starters saving faster with our budgeting tools

These calculators and tools are a great way to easily set budgets and help you work towards saving goals for your future, helping to simplify the sometimes complex process. These calculators can help you determine what you're spending and where, and how you can reach your financial goals faster while starting your first job. 

Step 5: Planning for your financial future 

The next steps for your first job

Thinking about your financial future might not seem important, but maintaining a healthy credit rating now, will impact your ability to borrow money in the future. Credit can help us pay our rent, take a holiday, cover our general living expenses and even purchase your first car or your first home. When applying for credit companies will need to ensure you'll be able to repay them. Your credit score will be a number between 0 and 1,200 that directly indicates how reliable you are with credit. A score in the mid-600s is fair, 700-800 is very good, and above 800 is excellent. The higher your score, the more 'credit-worthy' you are. 

When selecting a credit card here are some things to consider: 

• Know your various payment options to ensure your payments are always made on time 
• If you borrow money you should aim to repay your loan as soon as possible as this will assist in minimising interest and fees
• When you make purchases on your credit card log on to the app to ensure the correct amount has been charged 
• Aim to stay on top of your bills and credit card payments as falling behind maybe result in a negative impact on your credit score 

For more tips on healthy credit scores check here

Ready to get started?

We’re here to answer any questions you may have.