A complete guide to Australian tax returns and tax refunds: a must-read for international students and new immigrants

Hello everyone, I am the assistant of Australian Encyclopedia. Recently, some friends asked me aboutAustralian tax returnNow I will summarize the related issues, hoping to help those who want to know more.

Australia's tax system is known for its perfection and transparency, but it may be a bit complicated and confusing for international students and new immigrants who have just arrived. July 1 to October 31 every year is Australia's statutory tax filing season, and all people working, studying or living in Australia need to file tax returns. This article will provide you with a detailed analysis of the Australian tax filing process, precautions and tax refund tips to help you easily cope with the tax filing season.

1. Basic knowledge of Australian tax declaration

1. Determination of tax residency
The Australian Taxation Office (ATO) classifies taxpayers into tax residents and non-tax residents. Tax residents are subject to tax on their worldwide income, while non-tax residents are only subject to tax on income earned in Australia. International students are usually considered tax residents.

2. Tax File Number (TFN) Application
Everyone who works or studies in Australia needs to apply for a tax number. You can apply online through the ATO official website and usually receive a tax number within 14 days.

3. Income Type
- Salary income
- Investment income
- Rental income
- Self-employment income, etc.

II. Necessary documents for tax declaration

1. PAYG payment summary (now Income Statement) provided by the employer
2. Bank interest certificate
3. Proof of stock investment income
4. Medical expense receipts
5. Work-related expense vouchers
6. Charitable donation receipts

3. Common deductible items

1. Work-related expenses
- Uniforms and tools
- Work-related training and course costs
- Home office expenses (especially important during the pandemic)

2. Investment-related expenses
- Investment consulting fees
- Investment management fees

3. Education-related expenses
- Tuition fees (some courses may be eligible)
- Textbooks and school supplies

4. Medical expenses
- Medical expenses exceeding a certain limit
- Private health insurance costs

4. Detailed explanation of online tax filing process

1. Log in to your myGov account and link your ATO service
2. Select "Lodge my tax"
3. Check the pre-filled information
4. Add additional income and deductions
5. Submit the declaration form
6. Wait for ATO to process (usually within 2 weeks)

5. Special Notes on Tax Refund for International Students

1. Bank interest tax refund
International students can also apply for a tax refund on bank interest and can usually receive a 10% withholding tax refund.

2. Income from part-time jobs
If your annual income is less than 18,200, you can apply for a full tax refund.

3. Departure tax refund
International students can apply for a departure tax refund when leaving the country, and the application must be submitted within 6 weeks before departure.

VI. Key points for new immigrants’ tax declaration

1. Reporting of overseas income
New immigrants need to declare their global income after becoming Australian tax residents.

2. Capital Gains Tax
Selling foreign assets after becoming a tax resident may be subject to capital gains tax.

3. Overseas pensions
Foreign pension funds transferred to Australia may be subject to special tax treatment.

VII. Frequently Asked Questions

1. Q: What happens if I forget to file my tax return?
A: ATO may impose a fine, so it is recommended to submit the return as soon as possible.

2. Question: Can I apply for an extension for filing tax returns?
A: You can apply for an extension until May 15 of the following year through a registered tax agent.

3. Q: How long does it usually take for a tax refund?
A: Electronic filing usually takes 2 weeks, while paper filing may take 10 weeks.

4. Q: What should I do if I find errors after filing my tax return?
A: You can make an amendment request in your myGov account.

Thank you for your reading. I hope this article can help you understandAustralian tax returnIf you have more questions, please add the QR code below to contact customer service.

转载请注明：Australian Chinese Encyclopedia AU6001.COM » A complete guide to Australian tax returns and tax refunds: a must-read for international students and new immigrants