Tax Refunds Explained

Tax Refunds Explained Everyone pays tax. We explain how it works and how to maximise your refund.
Just like back home, tax is withheld from your pay as you work.
The rate is based on the Australian Tax Office estimate of what they think your tax liability would be if you worked for 12 months non-stop.
The tax you pay is only an estimate and generally backpackers and travellers will pay too much tax.
To get your tax back you will need lodge a tax return with the Australian Tax Office.
Your tax return is an important document, as it will determine your refund
amount. One error and your refund is gone.
Various companies offer the tax back services, but by law only a Registered
Tax Agent can lodge your tax return.
For complete assurance, it is best to go to a tax company that belongs to a professional association such as the NTAA (National Tax & Accountants Association) or CPA (Certified Practising Accountants)
Tax companies that belongs to a professional association are up-to-date with the latest tax laws and follow a code of ethics.

HOW MUCH TAX BACK?

The amount of your tax refund will depend on your circumstances including your gross income and the amount of tax deducted.
When enquiring about a quote, always ask if the quote is after fees and the exact amount you will get in your bank.
Not all tax accountants are the same, some are better qualified, some have cheaper fees. It is what you get in the hand that really matters.

WHEN TO CLAIM YOUR TAX BACK

Tax Refunds Explained Australia Financial Year is between 1st of July and 30th June.
Most tax returns are lodged after the financial year ends in July.
If you have finished work, you do not have to wait till July. You can request an early tax refund. You can get your tax back before they leave Australia.

WHAT DO I NEED?

You will need a payment summary or a final pay slip. These are documents that have a summary of your gross wages and the amount of tax withheld. Your employer will give it to you.
You will also need your Tax File Number and other personal information such as your full name, date of birth, postal address and bank details.
These are important confidential information.

WILL THE COMPANY SEND ME THE MONEY?

When you engage the services of a tax company, you will be supplying confidential information. You need to ask questions.
1. Do they have an office that you could visit, or just a web site?
2. How long have they practised as tax accountants?
3. Has a friend received a refund from them?
4. Are they Registered Tax Agents?
5. Do they belong to a professional association?
Chances are that you will be out of the country when your tax refund and super refund comes back. You need to be assured they will send you the money.
Tax companies that are members of a professional association must follow a code of ethics. You will always get your refund.

SUPER REFUND EXTRA MONEY

All employers must pay extra money into a superannuation fund if you earned more than $450 for the month.
Australians have to wait till they retire to get this money. But if you have left Australia and your visa has expired you can claim it now.
Your tax accountant will be able to get your super refund for you.
Courtesy of ExpressTaxBack.com.au, members of NTAA and CPA