Tax Tips You Need to Know When Studying and Working in Australia

1. Tax Tips You Need to Know When Studying and Working in Australia Posted on 16 August 2018 Did you know that Australia is ranked one of the top countries when it comes to quality education? Based on the Department of Home Affairs’ statistics, the Australian government has granted around 333,000 student visas for the 2017-2018 tax year alone! Aside from breathtaking spots and fantastic views, thousands come to Australia yearly to acquire further education. Are you one of them? Whether you are already in Australia or you’re still planning to go, here are the essential tips you need to know. Can I work while studying? Depending on your visa, you may be able to work while studying. Some visas have rules on how many hours you can work or what job you can do. Make sure to check out your visa through the Visa Entitlement Verification Online site before you start working. Before you start working, you need a Tax File Number (TFN). This is your personal reference number with the ATO. If you start working without a TFN, you may be taxed more than necessary so make sure to get one. You can also ask us how. If you are an international student in Australia and worked part-time you may get a tax refund at the end of the tax year.

2. How will I be taxed as a student visa holder? If you're enrolled to study in Australia in a course that lasts for six months or more, you're generally regarded as an Australian resident for tax purposes. We can also help you assess your residency. Just email or lodge your application on our site. This means: you pay tax on your earnings at the same rate as other residents you're entitled to the benefits of the Australian tax system, such as the tax-free threshold tax offsets There is no uniform refund amount for all! We need to assess you based on the paperwork provided. Student visa holders generally have lower tax rates than a foreign resident and qualify in the tax-free threshold. If you earned less than $18,200 for the tax year, you can definitely claim back all your tax. Otherwise, you can claim back your full tax back or a portion of it. When should I file the tax return? Individual tax returns can be lodged anytime from July 1st. However, when you have appointed a tax agent like Pinkcow you can lodge way past the deadline. We will work with the ATO to make sure you will not be charged penalties. How can I lodge the tax return? You can lodge your tax return through Pinkcow’s 100% online and paperless application program – you will have a licensed tax agent dedicated to you to prepare and review your tax refund estimate prior to lodging to the ATO. It’s pretty straight forward and takes 10 minutes tops to complete! Using a licensed tax agent is always recommended to ensure your tax return is correct and error-free. Our tax agents at Pinkcow will help ensure your return is accurate and contains all the deductions you are entitled to. Plus, you can claim the cost of the accountant in your following year tax return. What happens when you leave a job? If you are leaving Australia permanently after your visa expires, you may be entitled to your super refund. When you worked and earned more than $450 per calendar month, your employer is legally obliged to pay 9.5% of your wages into a superannuation fund which you can also claim back once you depart Australia. That’s more money back for you! Our average student visa tax refund is $2,500. We can give you a commitment-free estimate in 24 hours. No obligation to lodge – just find out how much refund you can get! Claim Your Tax Back Now! Claim Your Super Back Now!