Things You Dont Want To Miss If Youre An Expatriate Working In Australia
Youre an expat working in Australia. Youre unaware of your tax obligations. But can you ignore them forever? You simply cant. For a foreign resident, the island nation of Australia presents vibrant opportunities. This explains the continuous influx of foreigners towards safe shores of Australia. And to make things simpler, expert guidance on Australian tax obligations for expatriates is highly recommended.
Isnt it enough if I pay income tax on my salary?
No it aint. Expatriates working in Australia arent only liable to pay income tax on salaries and wages, theyre also required to pay on interest and dividends that have their source within Australia.
When am I expected to file my income tax returns?
Australian tax year concludes on 30 June, but as an expatriate you need to lodge an income tax return by 31 October. If you engage a tax agent or accountant they are eligible for lodgement extensions.
Can you recommend how I can minimise by legal tax?
I.Some benefits can be "salary packaged" and result in significant tax savings. Two such packages are expatriates living away from home allowance (LAFHA) and motor vehicles. The LAFHA is designed specifically for expatriates to compensate for the additional costs of moving residency and provides for a tax break for food and rent. Motor vehicles can also be packaged and can often result in less tax being paid.
II.Expenses incurred in deriving your income can also be claimed. For example depreciation on your notebook, stationery, internet and professional subscriptions can often be claimed and this will in turn reduce your taxable income.
III.Variety of other tax offsets or rebates that can be claimed to help minimize your tax.
IV.Australia also has a compulsory superannuation system, whereby your employer is required to contribute a percentage of your income into an Australian registered superannuation fund. Expatriates can claim certain exemptions for the same.
United States Australia Tax Service can provide you with both Expatriate Tax Services and Individual Tax Services. We assist expatriates, individuals, and businesses in Australia, USA and New Zealand in tax planning, consulting, and return preparation. We are experts in correctly completing past due returns for U.S. Citizens and Green Card holders with this problem. For expert Expatriate Tax Services or Individual Tax Service, contact us at usautax.com. We have over 17 years of Tax and Financial Industry experience
NOTE - The key Australian tax rates for 2011/12 are outlined on Australian Tax Website ato.gov.au
Isnt it enough if I pay income tax on my salary?
No it aint. Expatriates working in Australia arent only liable to pay income tax on salaries and wages, theyre also required to pay on interest and dividends that have their source within Australia.
When am I expected to file my income tax returns?
Australian tax year concludes on 30 June, but as an expatriate you need to lodge an income tax return by 31 October. If you engage a tax agent or accountant they are eligible for lodgement extensions.
Can you recommend how I can minimise by legal tax?
I.Some benefits can be "salary packaged" and result in significant tax savings. Two such packages are expatriates living away from home allowance (LAFHA) and motor vehicles. The LAFHA is designed specifically for expatriates to compensate for the additional costs of moving residency and provides for a tax break for food and rent. Motor vehicles can also be packaged and can often result in less tax being paid.
II.Expenses incurred in deriving your income can also be claimed. For example depreciation on your notebook, stationery, internet and professional subscriptions can often be claimed and this will in turn reduce your taxable income.
III.Variety of other tax offsets or rebates that can be claimed to help minimize your tax.
IV.Australia also has a compulsory superannuation system, whereby your employer is required to contribute a percentage of your income into an Australian registered superannuation fund. Expatriates can claim certain exemptions for the same.
United States Australia Tax Service can provide you with both Expatriate Tax Services and Individual Tax Services. We assist expatriates, individuals, and businesses in Australia, USA and New Zealand in tax planning, consulting, and return preparation. We are experts in correctly completing past due returns for U.S. Citizens and Green Card holders with this problem. For expert Expatriate Tax Services or Individual Tax Service, contact us at usautax.com. We have over 17 years of Tax and Financial Industry experience
NOTE - The key Australian tax rates for 2011/12 are outlined on Australian Tax Website ato.gov.au
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