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TAX RETURN EN AUSTRALIA

Find out what is the Tax Return in Australia

The Tax Return in Australia must be made by anyone who has worked legally in the country. This includes those who have a student visa. This process may seem difficult, but in reality it is very simple, and it will bring you some economic benefits.

It is important to be informed about this process, as it is your duty to comply with tax liability in Australia.

When should I lodge the Tax Return?

El año fiscal en Australia inicia desde 01 de julio hasta el 30 de junio del siguiente año. Por lo que tienes a partir del 01 de julio hasta el 31 de octubre para realizar la declaración de impuestos.

Why should I do this process?

Las personas que vienen con algún tipo de visa temporal, deben declarar en Australia. Esto siempre y cuando cuenten con un Tax File Number y hayan trabajado legalmente.

What if I have a student visa?

If your visa is 6 months or longer, you will be considered an Australian resident for tax purposes.

It is important to know that if you earned less than $18,200 AUD during the fiscal year, you will be refunded all the withheld Tax and you will not have to pay anything.

If I have worked in Australia with TFN or ABN is it necessary to do Tax Return?

It is important to keep in mind the differences between the TFN and the ABN:

  • The TFN (Tax file number) is the Australian social security number to which all taxes you tax are associated, so when applying for them you will access the Australian tax system so that you can work with an employer.
  • The ABN (Australian Business Number) allows you to work on your own, offering services to another person or entity. You need to have the TFN in order to apply for the ABN. The ABN will only be required for self-declaration.

Can the TFN and ABN be combined into the same Tax Return?

Yeah. You must declare the total earned during the fiscal year, if you have worked for your own account (ABN) and also for an employed account (TFN), at the end of the fiscal year you will have to make a declaration with the total income obtained by both parties.

What documents do I need to apply to Tax Return in Australia?

These are the documents to keep in mind:

TFN:

  • Passport.
  • TFN Number (TAX FILE NUMBER)
  • Your bank account information:
  1. Account number and name
  2. Office number (BSB)
  3. Bank name.
  • Interest earned on your Australian bank account.
  • Collection of work-related expenses.
  • If you have earned more than $22,980 AUD, you will need to apply for a Medicare Certificate to deduct 2%.

ABN:

  • Passport.
  • TFN Number
  • Your bank account information:
  1. Account number and name
  2. Office number (BSB)
  3. Bank name.
  • Interest earned on your Australian bank account.
  • Suma de todas las facturas que ganaste durante todo el año. Si trabajaste para varios empleadores tienes que tener la información por cada uno.
  • Collection of work-related expenses and purchase receipts.
  • If you have earned more than $22,980 AUD, you will need to apply for a Medicare Certificate to deduct 2%.

Tax Return in Australia for student visas:

  • If you have earned less than $18,200 AUD, you will be refunded the taxes that have been withheld from your employer or employers during the time you worked in Australia.
  • Si ganaste entre $18.200 AUD y $37.000 AUD, deberás pagar un 19% solo sobre aquellas ganancias que sobrepasen los $18.200 AUD.
  • Generaste más de $37.000 AUD, deberás pagar inicialmente una base de $3.572 AUD más un 32,5% de cada dólar que sobrepase los primeros $37.000 AUD.

Tax Return in Australia for Work and Holiday Visa

Los impuestos que aplican a tus beneficios generados serán el 15%. Esto desde el primer dólar que ganes y hasta los $37.200 AUD. A partir de los $37.200 AUD, los impuestos aplicables a tus beneficios generados serán del 32,5%.

How do I calculate my taxes?

Keep in mind this formula: Revenue per TFN + Revenue per ABN — Expenses = TAXABLE INCOME (total taxes).

By entering here you will be able to calculate all rates of the tax rate depending on what you have charged.

How can I lodge my Tax Return?

You can do this in two ways:

Do it yourself: Abre una cuenta en MyGov y vincúlala con la ATO. También puedes hacerlo en una oficina de la ATO, llamando al 132861 (en inglés). O al 131450 (para el servicio de interpretación gratuita en español) para agendar una cita.

By entering here you will be able to request your Tax Return.

*This option is not recommended if you've never done this before.

With a tax agent: Te podrán ayudar con todo el proceso. Además, por ser estudiante de Educonnecting tienes un descuento. Este es del 10% con los agentes de StudentTaxBuddy agents. (Para mayor información no dudes en contactarnos a través de nuestros canales de comunicación)

What happens if I do not lodge the Tax Return and leave the country?

If you fail to comply with Australian tax laws, you will be fined or punished for failing to declare the money you have spent.

The fine for not doing the Tax Return before October 31 of each year may be $400 to $2,000 AUD. Also, if you leave without completing this process and then decide to return to Australia, you may have problems when applying for a new visa.

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