Sure, tax time might sound like a scary and ugly thing, but for most travellers it’s the express train to cash town.
If you’ve been working during your time in Oz, whether you’re a student or working holiday maker, you must submit a tax return. Yes, they can be boring but more often than not, you’re greeted with a pot of gold (otherwise known as cash) at the end of it.
In a nutshell, a tax return is used to determine if you have been paying the correct tax over the last financial year, says http://www.tnt.lnk.taxback.com/[Taxback.com] Australia’s marketing manager Christina Hosback:
“Many working holiday makers and international students overpay tax and are due some kind of a refund from the tax office.”
As we’ve just come to the end of the financial year (June 30), you will be receiving a PAYG summary from your employer or employers outlining how much you were paid and how much tax was witheld.
Once you’ve received your PAYG and you’re ready to stash some cash you can either download the software yourself from http://www.ato.gov.au/[www.ato.gov.au] or pick up a tax pack at the post office. To fill in the form, you will need your tax file number and your PAYG payment summaries which you should get from your employer in July. You should also find out if you are an Aussie resident for tax purposes (again, check www.ato.gov.au).
However, If it all still seems a bit, er, taxing, then say hello to a tax agent. They will do all the hard for you, for a fee, and potentially get you more money back.
You have until October 31 to apply for your tax back and it will probably take 10-15 days to get your refund, however some agents can get it to you the next day.
But how much dough can you expect? Christina says it depends on the amount you earned, how long you have been working, whether you had any work expenses, that kind of thing. She added: “Our customers receive an average Australian refund of $2,500 and your money can be sent anywhere in the world.”
If you have earned more than $450 a month then you are also eligible to apply for a superannuation refund. This can only be done once your visa has expired however, so best leave that one till home time.
So what are you waiting for? Theres money to be grabbed and roads to be travelled!