If you’re in Australia and you’re trying to get your tax returns sorted out, there are a lot of factors that come into play. You have to consider all of them when you are working on your taxes for the year. This is especially true if you have worked in the country as well. Here are some of the bigger factors that you need to think about.
What is Your Tax Residency?
This is one of the biggest deciding factors in HOW you get taxed while in Australia as well as the amount that you can be refunded. Your status in the country, whether you are a resident or a non-resident, will affect your tax amount and return amount as well. In order to remain in compliance with the tax laws in the country, anyone coming in to work using a temporary resident visa will have to pay a different rate of tax for at least 6 months. Non-residents are taxed at a significantly higher rate that residents are. Make sure that when you leave the country you don’t have any liabilities left over with the ATO.
You Can Get an Income Tax Refund
If by any chance you should become a resident of Australia for the purpose of paying tax after having worked as a non-resident, the Australian government may be liable to you. This means that you might be entitled to a refund for the higher tax rate you were paying earlier. To become a resident for tax purposes, the ATO thinks about your length of stay in the country, your conduct while here, and your standing in the local community. If you can talk to a lawyer or an accountant who does tax return online,you should be able to get a clearer idea of the requirements to become a resident of Australia for tax purposes.
Get that Superannuation Refunded!
Depending on your visa as well as the nature of your residence within the country, you may not be eligible for income tax returns. However, most people are still able to claim superannuation. This is the name given to the percentage of your wages that are deducted before you get paid. This amount is then used to add to your retirement account. If you aren’t planning on working in Australia until you retire, you are eligible to claim a refund for all the money that was deducted. You can apply for this refund as soon as you leave the country after you’re done working there, or when your visa to stay in Australia expires.
If you have any work expenses while in Australia that you paid for on your own, you can boost your tax return with the receipts of this. You will also be able to minimize the tax liability that you are at with the ATO. Some of your actual work expenses are also deductible based on your job, so make sure you look into this as well. With the right factors being taken into consideration and a positive, clearheaded attitude, you should be able to get your taxes sorted out in no time!