If you are organizing your tax via a DIY super fund or a family trust, there is the deadline to get your duck within 30 of June and hence check on what you will be getting back for your tax return. For those who have been having a boring taxable year, here are tips to get the best of your tax return.
Worked in Australia? Claim your tax returning!
Work out one’s tax residency
One of the largest factors affecting how you are taxed in Australia and how much your tax refund is whether or not you are a non-resident or even resident for tax uses. All temporary visa holders entering Australia should spend the non-resident rate of tax in their first 6 months to abide by Australian tax law. Although it is a higher rate of tax as opposed to resident rate, it is important to ensure you are not left having a tax liability when anyone departs Australia. Find out more tips here!
Good news! In the event you become an Australian homeowner for tax purposes, you could be entitled to a rebate of the tax you paid the higher rate. Several factors determine if you are an Australian homeowner for tax purposes, including how long you’ve been near your vicinity and your behavior during Australia.
For instant, if you are visiting Australia for more than six months, live in the same place and establish ties while using the local community, then you are probably being considered an Australian homeowner for tax purposes.
Claim your Superannuation
Even If you are not entitled to an income tax refund due to the length of your stay or nature of this visa, you should still be eligible to claim to return superannuation.
Superannuation is a percentage of your salary set aside for any retirement fund, but if you are not keeping Australia until retirement you are eligible for a refund!
You can apply for your superannuation whenever you depart Australia permanently plus your visa has expired.
Medicare levies exemption
The Medicare levy could be the universal health scheme for Australians and is mainly partly funded by taxpayers who pay a levy regarding 2.0% of their taxable income. It guarantees Australians and many other nationalities (Britons and Italians) having access to health care at minimum cost.
Some people are exempt from paying your levy, including some overseas citizens, yet it is still deducted using their wages. These people should make application for an exemption letter that will boost their tax refund.
Announce your bank interest
You have to disclose any interest you earned through the bank on your once-a-year tax return. The Australian Tax Place of work has visibility on taxpayers’ traditional bank interest so not declaring it will eventually simply further delay one’s refund.
Claim your work expenses
Expenses are an excellent way to boost your tax reimbursement or minimize any tax liability in Australia. Some expenses in connection with your occupation are tax deductible, so it depends on what your job what food was in Australia.
To claim an expense:
- You must have covered it yourself and weren’t paid for
- It was related to your job
- You must have a record or proof (check exceptions)
Distributing Your Tax Return
You are legally obliged, to file an Australian tax return if you’ve paid a tax of any kind during your stay, even on the working holiday visa or being a foreign resident.
The Australian financial year runs from the 1st July to your 30th June, and because you have to submit a tax return yearly, you may have to submit several if you are present about longer than one tax year. Check with as now www.taxreturn247.com.au