What is tax return?
Regardless of the income, everyone who has worked in Australia needs to lodge a tax return every year starting from 1st of July to 30th of October with the final payslips/pay summary given by their employer. Usually if your gross income is less than $20843 you will receive a full 100% tax refund and for those that have a higher gross income, deductions and medicare levy exemptions may be available to maximize your tax refund amount. In addition, to avoid fees from the Australian Taxation Office (ATO), it is important you lodge your tax returns as soon as possible.
Am I eligible for early departure tax return?
You may be eligible to lodge an early departure tax return if you
• Have stayed in Australia for at least 183 days
• Are leaving Australia permanently
There may be consequences that follow if you fail to meet the above requirements. If you want to know if you are eligible or have further questions about early departure tax returns, please consult with us.
How can I lodge my return if I don’t have any payslips/pay summary?
If you have chosen yonseitax to lodge your return we will do our best to help, please consult with us for more details.
How long does it take to receive my refund?
• Tax returns= approximately 2 weeks
• Early departure tax returns= approximately 4-6 weeks
• Superannuation returns= approximately 4-8 weeks
About Medicare Levy.
- Generally Speaking, if you are an
• Australian citizen and have a gross income of more than $20843 you will have to pay a medicare levy surcharge of 1.5%.
• Working Holiday or Student visa, you can claim an exemption from paying the medicare levy by applying for a medicare levy exemption certificate.
For more details please check the ATO website.
I forgot to lodge my tax return last year, what do i need to do?
- You must lodge a tax return every year and therefore the Australian Taxation Office (ATO) may incur fees towards you. It is recommended to lodge returns as soon as possible.
About amendment returns.
A request for an amendment happens when there is a need to correct or change the information that was lodged in your return.
About making appeals to the Australian Taxation Office (ATO)
You can make an appeal to the Australian Taxation office for an unfair decision given in regards to your return. With impeccable knowledge and expertise, Yonseitax will be on your side in making the appeal for the best result.
Do I have to report my interest income?
If your interest income is greater than $2, it is advised you do report it.
For further questions on interest income, please don’t hesitate to consult with us.
How do I maximize my refund?
If your gross income has exceeded $20843 and therefore cannot receive the full 100% refund, you may maximize your refund by:
• Keeping work-related receipts
• Staying in a remote area for work
• Remembering your previous year Accounting fees (if any)
For further information on how to maximize your refund please consult us.
Frequently Asked Questions