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Do You Have To File An Australian Tax Return?

If you are unfamiliar with the local tax structure in Australia, filling out a tax return can be challenging.

However, it’s a good idea to file one to ensure your tax record is spotless and get any tax refund you may be entitled to. To ensure that your finances for the fiscal year are in order, the Australian Tax Office expects you to submit it by yourself or through a registered tax agent by October 31.

  1. Do I Need To File An Australian Tax Return If I Live Abroad?

    Even if you are a foreign resident, you must file a tax return in Australia if you receive any income from Australian sources.

    You must file one if you work in Australian employment abroad.

    To begin with, you must ascertain whether or not the ATO regards you as an Australian resident.

    If any of the below-mentioned apply to you, you will be recognized as an Australian resident:

    • You reside in Australia.
    • Australia is your country of residence permanently.
    • You’ve been in Australia for more than half of the fiscal year.
    • You or your spouse are a government employee working at an Australian post abroad.

     

    For tax purposes, you will be recognized as an Australian resident if you live and work in Australia for 183 days.

    You must submit a tax return if this is the situation. If not, you will be considered a non-resident for taxation’s sake. It would help if you answered a questionnaire to establish your residency status when you file your Australian tax return.

     If, For Tax Purposes, I Am A Non-Resident, Then Should I File A Tax Return In Australia?

    While residing and working abroad as an ex-pat, it’s simple to think that nothing needs to be done. However, this is far from reality!

    The ATO will automatically anticipate that you will file a tax return if you have a tax file number. Failure to file your tax return may result in up to $900 in late lodgement penalties for each return. Therefore, it’s crucial to keep up with everything! Suppose you receive income from Australia, such as salary, company income, or capital gains on Australian real estate or buildings. In that case, you are required to file a tax return as a non-resident.

    Can I Face Double Taxation In Australia?

    If you’re an Australian citizen who lives in Australia and receives money from abroad, there’s a risk that you’ll be double-taxed.

    You might be qualified to deduct some of the tax paid in the foreign nation from your Australian tax obligation if your foreign income was earned in a country with which Australia has a double taxation agreement.

    Contact KPG Taxation for more information.

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