Posted on: 22 January 2015
Tax refunds can provide a significant financial relief to anyone during these hard economic times. What you need to ask yourself is, are you eligible for a tax refund, and if yes how can you claim it? According to the Australian authorities, one must satisfy at least one of the following conditions in order to be eligible for a tax refund.
- You have been an Australian resident for at least half the tax year (6 months).
- you intend to be or have been an Australian resident continuously for six months or more during which time you will be working and living in the same place.
- You have continuously worked for one agency or employer for four months.
- You have continuously worked for more than one employer for five months.
If you satisfy any of the above statements, then you are eligible for a tax refund. The amount, you can claim, will depend on several factors, such as the type of work you have been doing, the amount of tax you have paid in relation to your earnings and your personal situation. Workers who have been in Australia for more than six months are considered residents for purposes of taxation and are subject to a maximum of $18,200 tax-free earnings if they have been in the country for a full tax year.
In case you currently do not reside in Australia but have previously worked and paid tax there for a considerable time, there is still good news. Those of you who were once employed in Australia on a temporary visa, for example, working holiday, are also entitled to a refund on their superannuation contributions. Superannuation contributions are contributions made by your employer towards pension.
In case you qualify and cannot file for a tax refund yourself for whatever reasons, there are several registered tax agents who can offer assistance for a fee. However, if you have the time, you can avoid paying fees to agents and file for your refunds through the government's online services such as, myTax and e-tax. Most tax refunds filed online are processed and issued within 12 business days.
A final reminder to all those who wish to claim a tax refund, make sure you have all relevant documents such as payslips and receipts in order to make the process smooth. If you have misplaced some of the required documents, you should make an effort to replace them before filing for a rebate.
For more information, contact a business such as Taxwise.Share