New to Australia

You must be excited about starting a new journey here! Australian taxation system is complicated and it can be tough if you missed some "Must-Dos"!

If you just migrate to Australia and intend to reside here permanently, you are an Australian resident for tax purposes, that requires:

  • You must declare income you have earned from anywhere in the world in your tax return.
  • You can also claim the benefits of the Australian tax system, such as:    
    • The tax-free threshold
    • Tax offsets
    • A lower tax rates in general than a foreign resident. (ATO)

Your accumulated wealth will be crystallised when you become an Australian tax resident. There are many "Must-Dos" you must consider preventing future tax burden. 

For working holiday makers, the first $37,000 of your income is taxed at 15% and the balance is taxed at ordinary rates. You are a working holiday maker if you have a visa subclass:

  • 417 (Working Holiday)
  • 462 (Work and Holiday).

You have a special tax rate, which is different from the tax residents and non-tax residents. 

Talk to Tax Ideas Accountants & Advisers for detailed information and advice & find out more through our online resources flyers.

(02) 8318 1545