The Australian tax year ends in June 2017 – if you are in Australia on a visa that allows you to work in Australia you may be entitled to a tax refund.
On average many people who have visas such as a 417 working holiday may get a refunds of about $2500 (this is just an indication) you need to visit an accountant to get specific advice. Getting a qualified accountant who specialises in individual tax return may be a good way forward. They can tell you what document you need and also advise you on allowances you may be entitled to.
If you have not claimed your tax for some time it’s worth noting that you can get refunds as far back as 2005.
Earnings Tax to pay
|0 to $18,200||Nil|
|$18,201 to $37,000||19c for each $1 over $18,200|
|$37,001 to $80,000||$3,572 plus 32.5c for each $1 over $37,000|
|$80,001 to $180,000||$17,547 plus 37c for each $1 over $80,000|
|$180,001 and over||$54,547 plus 47c for each $1 over $180,000|
What often happens is that the employer taxes a person at an average rate for the year. If this happens and if a person has only earned the basic tax amount they would be eligible to a refund for any tax they paid over what they are obliged to pay. Please ensure you have full records such as pay slips available for the accountant you go to for advice. Missing or lost documents have to be replaced and this can cause delays and may cost you more if the accountant has to locate the documents for you.
If you are self-employed in Australia then you need to keep a full record of all earnings and also you need to keep a record of all bill, if you present you income and expenditure bills or file to your accountant he will be able to arrive at an income and expenditure statement which will then be submitted with your tax return by your accountant.
The most important thing is to make sure you talk to one of the accountants on BBMLIVE and make sure you claim any taxback that you may have overpaid.