Foreign residents those who are looking for employment in Australia it is important for you to seek some expert advice on your Australian Taxation Obligation. The non-native workers here are responsible for income tax on their Australian sourced earning. This entails salary, wage, interest, and dividends. The resident is responsible for the Australian income tax law that totally depends on your situation as well as the requirement of being assessed on a case by case. Those who need to pay the income tax must keep in mind that the Australian Tax year should be lodged by the 31st of October. Those who are planning on involving a tax agent or an accountant, ensure that he or she is eligible for lodging such. A non-native worker might not be aware of this but it is vital for you to negotiate on certain terms such as legally getting a reduction on your taxes and to more here are some tips that you must keep in mind…
The major perk is ‘salary package’ that can result in some terrific tax saving. The two of the most common that are available to an expatriate is the LAFHA (Living Away From Home Allowance) and the motor vehicles. This benefit has been carved in such a manner that it helps compensate for the add-on costs of the moving residency and offers a tax break for food as well as rent.
Expenses induce your income to also be claimed. This should be practised as retained receipts for all the items to represent them at the time of tax deduction. There can be serious penalties if something goes wrong.
As per Australia’s superannuation system, it is compulsory for employers to collect a certain percentage of their income into an Australian registered superannuation fund.
Here is something that you must know and should be mindful of. For more informative content, keep visiting Joe Madrajat blogs.