Instructions for Australian immigrants: how to pay taxes in Australia?
Paying taxes in Australia can be done by DIY or by professionals. The deadline for DIY declaration is different from the deadline for finding someone else to declare. There will be two results after the declaration, including tax payment or tax refund. There are two ways to pay taxes, including sending a check to the Australian IRS or paying at the post office; There are also two ways to refund the tax, including asking the IRS to send you a check or asking them to deposit it in the bank. 1. If the business income comes from business operated by individuals, trust funds or business operated in partnership with others, it shall be declared together with other personal income. 2. Any income from the sale of movable and immovable property, whether profit or loss, shall be declared. If there is any surplus, it should be reported together with other income in the year in which it occurs; If there is a loss, it can be transferred to the next fiscal year and offset by the new capital gains surplus. The only exception is that an individual's own house can be exempted from calculating capital gains, because according to Australian tax law, this is a non-investment profit. 3. Personal wage income, including salary, wages, overtime pay, bonuses, etc., must be declared. However, employees' benefits such as low-interest loans provided by employers do not need to be declared, but employers are required to pay fringe benefits tax on the above benefits. 4. Bank deposit interest, stocks, dividends, rental income and investment royalty income shall be declared. 5. Other similar incomes, including pensions, retirement annuities, subsidies, unemployment benefits and other government subsidies, must be declared. After deducting the tax allowance and applicable relief, the personal income tax shall be calculated according to the progressive personal income tax rate announced by the government in that year. The tax bureau can issue a ticket and impose a corresponding fine. If the calculation result does not need to be taxed, it will usually not be fined. Those who have the following circumstances are likely to be fined: failing to declare tax for more than one tax year; Poor tax return records; Failure to declare as required, such as family tax incentives. Take stock of the benefits of emigrating to Australia and acquiring Australian citizenship.