When submitting your first Australian🇦🇺 tax return and expected a refund, it’s important to understand that it’s your money, and certain tax deductions may lead to a refund.🤑
✅After arriving in Australia, consider these steps to avoid unexpected tax deductions:
👉Apply for a Tax File Number (TFN) promptly, as it can take 10-28 days to process. 🔴If you don’t provide your TFN to your employer, they may deduct 45-47% in taxes, which you can later claim as a refund when filing your tax return at the end of the financial year.
👉Australia operates on a Pay As You Go (PAYG) system, meaning taxes are deducted monthly based on your income. Filing your tax return allows you to benefit from 🟧tax-free thresholds. *if you eligible.
👉 For Temp./Work Visa holder: If you aren’t eligible for Australia’s medical system (Medicare), you might still be subject to the Medicare levy exemption. ℹ️💡Please download 🔶Medicare Entitlement Statements in Advance to take exemption benefit of Medical levy.
👉Don’t forget to take advantage of tax exemptions for work-from-home expenses.
🟢It’s advisable to seek assistance from a qualified tax consultant to navigate the Australian tax system effectively.
🟡Remember:If you’re lodging your own tax return, you need to lodge it by 31 October each year.
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✅Please follow @desiboyinpardes for more info.😍
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