You need your TFN if you have earnings from employment or investment in Australia and will be a tax resident in Australia. Apply for your Australian Tax File Number TFN as soon as you move to Perth, you don't have to wait until you have a job. It takes 2-4 weeks to obtain your TFN Number which, you will need before you can start work. You will also need a TFN Number to apply for child benefit.
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You can get your Australian Tax File Number online
or if you prefer from a Tax or Centrelink Office.
In Australia Income Tax is payable on money you earn during the course of employment (your employee will deduct income tax directly from your wages each pay period)and any money earned on investments (this includes foreign investments).
HOW MUCH AUSTRALIAN INCOME TAX WILL YOU HAVE TO PAY
In Australia you pay tax according to your income. The higher your income the higher the income tax you pay.
| Tax Rate Scales 2005 - 2006 |
| Tax Table Range |
Tax Rate % |
| 0 - 6,000 |
0 % |
| 6,001 - 21,600 |
15 % |
| 21,601 - 63,000 |
30 % |
| 63,001 - 95,000 |
42 % |
| 95,001 + |
47 % |
| Tax Rate Scales 2006 - 2007 |
| Tax Table Range |
Tax Rate % |
| 0 - 6,000 |
0 % |
| 6,001 - 25,000 |
15 % |
| 25,001 - 75,000 |
30 % |
| 75,001 - 150,000 |
40 % |
| 150,001 + |
45 % |
| Tax Rate Scales 2007 - 2008 |
| Tax Table Range |
Tax Rate % |
| 0 - 6,000 |
0 % |
| 6,001 - 30,000 |
15 % |
| 30,001 - 75,000 |
30 % |
| 75,001 - 150,000 |
40 % |
| 150,001 + |
45 % |
| Tax Rate Scales 2008- 2009 |
| Tax Table Range |
Tax Rate % |
| 0 - 6,000 |
0 % |
| 6,001 - 34,000 |
15 % |
| 34,001 - 80,000 |
30 % |
| 80,001 - 180,000 |
40 % |
| 180,001 + |
45 % |
| Tax Rate Scales 2009- 2010 |
| Tax Table Range |
Tax Rate % |
| 0 - 6,000 |
0 % |
| 6,001 - 35,000 |
15 % |
| 35,001 - 80,000 |
30 % |
| 80,001 - 180,000 |
38 % |
| 180,001 + |
45 % |
MEDICARE LEVI
Included with you taxes the Medicare Levi is your contribution to the health care system. The Medicare Levi is based on your income and is 1.5%. If your joint earnings are over $100,000 then you pay an additional 1%. If you have private health care and have joint earnings over $100,000 then you are not required to pay the additional 1% contribution to Medicare.
TAX ON INVESTMENTS AND FOREIGN INCOME
As an Australian Tax Resident you will be taxed on both your Australian investments and on any income you receive from investments outside of Australia. (Hence the need for an Australian Tax File Number) For example if you have a rental property, endowment policy, pension, shares, unit trust etc…. in your former country.
This is an area you may want to take professional advice on order to manage your tax liability in Australia to the best of your advantage.
HOW MUCH TAX CAN YOU CLAIM BACK?
There are lots of little things you can claim back for when you submit your tax return which, include things such as:- - Work clothes(if special clothing required)
- Mobile phone (if required for work, it does not cover personal calls)
- If you have Private Health Care you can claim a 30% rebate from the Federal Governemnt if you are entitled to Medicare.
The Federal Government 30% Rebate may be claimed back on your annual income tax return if you have paid the full, upfront cost. Your health fund will give you a statement at the end of the financial year to help you complete your tax return
INCOME TAX RETURNS
You are required to complete an
Income tax return
every year.
Referred to as a Self Assessment Tax Pack the return should be completed by the 31st October each year. The Self Assessment must be completed by everyone who is an Australian resident for tax purposes and who has paid tax during the tax year.
The tax year runs from 1 July – 30 June.
To help you calculate how much tax you are liable to pay the Australian Tax Office (ATO)
provide an online calculator.
Because everyone in Australia who has an income has to complete a tax return you will find that you can get it done for you at very little cost.
DISCLAIMER
Super, Cost of Living, , Banking, State Benefits
From Australian Tax File Number back to the Home Page
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