Points to keep in mind before the tax filing
International students who are looking for tax filing have come to the right place. Filing tax is not stressful and most of the students look forward to doing this as they will get refund after-tax filing. Read the given topic to understand everything in a better manner.
International students who are living in Australia for 6 months are considered residents for tax purposes. Whether you are an Australian citizen or not, but worked there then you need to file a tax return at the end of the financial year. The financial year begins on the 1st of July of every year and ends on 30th June of next year.
Tax Filing In Australia: For International Students
- Every year the tax year starts on the 1st of July and in the next year of 30th June, it ends.
- In Australia 31st of October is the deadline for tax filing.
- Necessary to have a Tax File Number (TFN).
- At the Australian, Taxation Office tax returns are filed.
If you are not sure what to do then seek advice from the best migration consultant.
Tax Filing: Tax File Number
Once the student arrives in Australia they need to apply for the TFN. In case the student fails to do so then they need to pay 47% of taxes to the government of Australia.
In case you are you planning to work on holidays then TFN should be applied in advance as it is an essential part of taxation. The TFN can be applied online from the website of ATO. You should take the help of the visa consultant as they will let you know in detail.
Is it essential for every student to have a tax return in Australia?
In Australia, students who have earned income have to file for a tax return by the closure of tax year. Students who have earned less than $ 18,200 do not have to pay taxes to the government and the ATO needs non-lodgement advice.
In case taxes are paid already then file for tax returns so you can get a refund of the amount.
How the tax filing is done?
The easiest way is to file for a tax return on the ATO website. Here’s what needs to be done:
- You need to create a MyGov account and the account should be linked with the ATO.
- The tax filing can be done through the paper.
- To lodge tax returns students can take help from tax agents.
- Filling through an agent can maximize the returns.
- Mention the income details and tax amount you paid.
- You should apply if you are eligible for a deduction.
- Deductions include expenses made on footwear, computers, clothing, books, and mobile phones.
- At the ATO file the annual tax return.