Australia
Working In Australia |
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The Australian financial year is from 1 July to 30 June. By 31 October each year all Australian taxpayers must complete a tax return. The Australian Taxation Office provides the TaxPack, a self-assessment system for each taxpayer to declare their income and allowances.
The amount of taxation paid is dependent on the income you earn. For further information regarding the rates of taxation, the Australian Tax Office provides a simple personal taxation calculator.
Every Australian resident who earns income from employment or investment must obtain a Tax File Number (TFN). You should apply for your TFN soon after arrival, either at one of the Tax offices, at Centrelink or online. Within 10-28 days you will receive your TFN. If you become employed prior to receiving your TFN, let your employer know that you’ve applied. Otherwise you will be taxed on a highest rate.
The Tax Office, in conjunction with the Department of Immigration and Citizenship (DIAC) has developed an online registration process that enables permanent migrants and temporary visitors to Australia, who have a visa that allows work rights or permanent migration, to apply for an individual tax file number (TFN) via the Internet on their web site. Go to ‘For Individuals’ and then ‘Apply for a Tax File Number.’
For those who plan on running their own business (this includes medical practitioners in private practice - such as GPs, and specialists), you will need to register for an Australian Business Number (ABN). If you plan to earn in excess of $50,000.00 in one financial year from your business, you also must register for the Goods and Services Tax (GST). Information about taxation obligations of a business and GST can be found on the Australian Taxation Office website in the ‘For Business’ section.
Financial and Tax Advice
In Australia, anyone who provides advice on financial products must be licensed through the Australian Securities and Insurance Commission (ASIC). Before making any financial decisions it is advisable to take advice from a licensed Financial Advisor. If you have any kind of income from your home country, seek advice on your potential tax liability in Australia. Foreign income could be rent from your foreign property or dividends from shares in foreign companies.
If you are unsure of your liabilities, or need some advice, Latitudes can put you in contact with advisors that can assist you.
Further Information
Job Levels
Working as a General (Family) Practitioner
Specialist Colleges
Indemnity Insurance
Taxation
Living in Australia
