Taxes

Anyone who had worked in Australia using the Tax File Number during the fiscal period (which starts on July 1^st and ends on June 31^st), must do the Income Tax declaration in order to request the Tax Return. Any worked period must be declared.

How to prepare the Income Tax Declaration

The most important document of this process is the Payment Summary or Group Certificate. This document must be delivered by the company from July 1^st of every year, but is not restricted to that date. Many companies take more time to deliver this document. It’s important to remember that, for those who worked in more than one company in a same fiscal year, it will be necessary to prepare the Payment Summary of each one of them. When organizing these documents, have with you also your passport, the Tax File number and your bank account details.

The final date for the declaration delivery is October 31^st, but don’t wait for the end.

Important Tip

When you start to work in Australia, the company will request you to fill out a document with the Tax File Number. It’s a pink form and most of the questions are related to the student’s residence. Important: The tax applied to no residents is extremely high; it can be up to 48% over the total income. Also remember that the Student Visa is not a resident Visa and this status can be only being attributed in a tax environment.

For those who are registered as no-residents, it’s possible to change the status to resident at the Australian Taxation Office near. Don’t waste your time, since it might means lost of money.

To solve your questions or get more information about specific subjects, get in touch with Hello Australia or visit us.