• Home
  • Archive by category "Tips"

Tax Advice for People Leaving Australia Permanently

Planning to leave Australia permanently? Now that you are all set to go back, you must take care of all the tax issues before you jump on board. In this article, we have piled up few important pieces of advice for you to follow and keep in mind before you leave Australia permanently.

File Tax Returns

returns

If you had worked during your stay in Australia, you should file a tax return. You will need to do this after 30 June, as the income year starts from 1st July and ends on 30 June. If you are planning on leaving Australia before 30th June, then you can also file your tax returns online from anywhere in the world. Alternately, those leaving Australia permanently before 30 June, may also be eligible to file their Australian tax return early, but it is only acceptable before the end of the income year. You can also get help from registered tax accountants hobart to prepare and file your tax return.

Hire a Lawyer

Taxation is one of the most complex laws in Australia. Sorting out your Super and taxes can be really bothersome, and a nightmare at times. It is advisable to enlist legal aid from an expert such as a tax lawyer or advisor who knows how to tackle any tax related issues and is familiar with the process for tax audits. These lawyers provide top-level tax advice and help you with lengthy and complex tax procedures. They can also help you avoid tax liabilities and maximize any tax refund you are entitled to.

Claim Your Superannuation

All the time you spent in Australia working in any capacity, you were entitled to Superannuation (or Super, for short), which is the money put aside for your retirement by your employer. You can also contribute to your Super it voluntarily as well. Even if you are not staying in Australia till retirement, you are entitled to claim your Departing Australia Superannuation Payment (DASP). You are only eligible to claim this when either your visa expires, or you have departed from Australia. You can cancel your visa to speed up the refund process.

Claim GST and WET

You might also be able to get a refund of GST (Goods and Services Tax) and WET (Wine Equalization Tax), at the airport when you are about to leave Australia permanently so be sure to check with the concerned authorities about that.

Medicare Levy Exemption

Medicare Levy is a universal scheme partly funded by taxpayers, as they pay a levy out of their taxable income. This assures people access to little or no cost of medical and health care. Some foreign citizens are not liable to pay, yet it is subtracted from their wages. They can apply for an exemption of Medicare levy which will maximize their refund. The procedure is a couple of weeks long, but it is worth the refund.