Expert Tips On Working Holiday Tax Returns
Wednesday, February 5, 2020, 6:00 PM | Leave Comment
Work with travelling, sounds fun right? You may get a lot of work opportunities when travelling around the world.
Yet, working across the Globe is all exciting until the boring part comes. No matter how temporary is your stay, you can’t avoid one thing. Yes, you guessed it, The Tax!
We all are travel adventurers and work is also an essential part of our life. How interesting it would be if we have an opportunity to work and travel together.
Australia is one of those lucky countries where work opportunities are huge. But the money you earn requires you to pay tax, not fair! So, if you are planning to work in Australia make sure if your persepective employer is registered or not to hire working holidaymakers.
Following are some expert tips on working holiday tax returns.
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Do you have a bank account? In Australia?
A wise suggestion before moving to Australia open a bank account and transfer some of your funds there. No time to open an account? Don’t panic, you can do it after moving to Australia. Be sure you have all your documents when you reach there.
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Superannuation
The term for your benefit “Superannuation”. It means a percentage of your income is added into your retirement fund by Australian employers according to local regulations. Not only citizens but overseas workers get this advantage too.
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Visa subclass matters!
From January 2017, the tax system of Australia has changed. Read it carefully it may hit you hard. If your visa subclass is working holidaymaker, the new rules may affect you.
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Working holiday (417)
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Work and Holiday (462)
For more information about visa subclasses and rules you can visit https://www.taxreturn.com.au/working-holiday-tax-return
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Not a resident? Tax treatment is different for you.
Your tax depends on your earnings in Australia, but there is a piece of bad news! You cannot claim living allowances in Australia or any deduction from the income tax you’re paying will not give you living benefit. Stay calm, there is good news too. The residents have to pay 2% of Medicare levy tax from which you are exempted.
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Find a Backpacker job!
We call working holiday job, a backpacker’s job. Getting a backpacker job anywhere around the world is not everyone’s cup of tea. But, your qualifications and experiences can lead you there. Approach prospective employers, also keep a check on local newspapers and hostel noticeboards. Already called for an interview? great! Make sure you present your friendly and well-travelled version of yourself there.
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Quick Tip!
The financial year of Australia ends on 30th June, after this date the returns on tax should be lodged. Paid too much tax, don’t worry you will get a refund. Not enough tax paid? You’ll be called to pay it, shortly. If leaving before the end of financial year collect all your payment details from your employer.
Learned these experts’ tips? Now all you need is a job and a visa. Pack your bags and travel to Australia. Make new friends and travel the country.
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