Income tax in Oz

Wizzy2011

I have read that you are considered an Oz resident in you are resident in the country for 6 months, for tax purposes. My question is in relation to reclaiming the tax at the higher rate of 32.5% as a foreign national for the first 6 months?
Eg. 6 months earning 30k Permanent
$1 - $18200   @ 0c       -> $0
(18201- 30000) @ 19c   -> $2242

 Non resident
$30000    @ 32.5c     -> $9750 
I'd love the basic 9750 - 2242 = $7458 refund 

rightyabe

Don't forget to claim your tax deductible expenses. If for example you claimmed $600 in expenses, that would reduce your taxable gross income too 29400.

Also im not sure could you also take into account the Medicare levy while on the emergency tax rate..

s.c

Wizzy2011 wrote: »

I'd love the basic 9750 - 2242 = $7458 refund

This is pretty much correct given the information above. It would actually be a bit higher as you would probably be entitled to the low income offset also. And also get a medicare exemption.

ifeelill

Have a look at the link OP.

http://www.ato.gov.au/Individuals/Payments-and-refunds/When-will-you-get-your-refund-/

cikearney

I've earned about the same but ticked residen for tax purposes on my TF declaration for. Am I due less back or can I claim as a foreign resident for this tax return?

Legend100

cikearney wrote: »

I've earned about the same but ticked residen for tax purposes on my TF declaration for. Am I due less back or can I claim as a foreign resident for this tax return?

You want to be resident for tax as you are better off, foreign resident would give you no tax free allowance and a higher marginal rate

FernandoTorres

You can only claim back what you should not have paid. So if you ticked the "resident for tax purposes" box before beginning work then you will not have paid any tax at the non-resident rate and won't be due a refund unless you have been only working a few months in which case you may be due a refund if you've earned under the $18k limit.

cikearney

So forgetting Medicare exemption and expenses

Taxable earnings= $40240
Tax paid= $11084

40240-37000=3240x32.5%= 1053
+ the 3572=4625

If anyone can understand this, does it mean that out of the 11084 I've paid, I only have to pay the 4625, meaning I'm owed $6459.

I only started paying tax in February and have been working in a remote area and by what the lads are saying they get an extra 1200 because of that.

patsy mulcaghy

Apologies for hijacking,

Can anyone recommend a good income tax accountant in Perth?

I'm looking to get a better return this year as been working in a new job with quite a few expenses, travel, uniform, training etc.

I've found H&R block and the likes not to be great in previous years.

Cheers

rightyabe

patsy mulcaghy wrote: »

Apologies for hijacking,

Can anyone recommend a good income tax accountant in Perth?

I'm looking to get a better return this year as been working in a new job with quite a few expenses, travel, uniform, training etc.

I've found H&R block and the likes not to be great in previous years.

Cheers

You would be near better of too do it yourself, save the accountant fee as well and just put in all the expenses your self, very easy to do. Plenty of help ere in the different tax forums.

danotroy

:eek: Ive earned about 37k this year and paid about 5k in tax I think i'll end up owing them some money!

jackbhoy

danotroy wrote: »

:eek: Ive earned about 37k this year and paid about 5k in tax I think i'll end up owing them some money!

Why? You only pay 19c on $18,201 – $37,000, that's < $4000.
You should be getting at least 1k back + Medicare levy...

danotroy

great news!! I’ve been using a few online calculators but they all seem to be saying that I owe at least 500 or so dollars.