If you are new to Australia, it’s essential to know about Australian tax system. So that you can make sure you’re not paying too much or too little tax each year. Not only the language and landscape are different, but also the tax you pay. So, now it’s time to get your head around the Australian tax system.
Australian Tax System for Workers
Before you start your work, you need to apply for a Tax File Number (TFN). This is an identifying number used by the ATO and other government bodies. You should keep the number private and safe till your life time. In Australia, the financial year runs from 1 July to 30 June. So, the working people have to lodge a tax return with the Australian Tax Office (ATO) between 1st July and 31st October. In case, if you haven’t worked that year, you still need to lodge a Non Lodgment Advice (NLA) from tax lawyer in Perth.
The tax-free threshold is the amount of income you can earn each financial year that is not taxed. As of 2018, the threshold for workers is $18,200 per year. The territory has now signed a new agreement last week after the existing agreement expired at the end of 2018. The currently available sponsored work visas are subject to a minimum income threshold of $53,900 per annum. So, to ensure you pay the right amount of tax, Read and fill a Tax File Declaration form carefully.
Common Tax Problem
Without having the right numbers for tax calculation: This could result in you having to engage other professionals apart from the legal team, and they may cause turbulence due to different approaches with each other at much higher costs.
Way to Lodge Your Tax in Australia
If you’re new to Australia, it won’t be long before you need to know your obligations regarding tax in Australia. Here is the best way that you should be familiar about to lodge your tax return. The best way to lodge your tax in Australia is to get in touch with the leading tax litigation attorney in Perth. They work to limit the clients’ tax exposure and minimise risk.
Are you looking for the right attorney to lodge your tax and wondering how long it will take until you receive your hard-earned tax refund? Contact taxation lawyer in Perth as soon as possible to get instant and prompt help.
The author of this article is the leading tax lawyer in Perth. In this article, he discusses the tax regulations in Australia for the new immigrants in Australia. To know more, visit https://www.munrodoig.com.au/