Australia has a high income tax rate – up to 49.5%, based on higher income levels and if the 1.5% Medicare levy is included.  The Australian Taxation Office also requires Non-Residents who are earning income in Australia to submit an annual tax return for the financial year ending 30 June.

Often non-resident workers coming to Australia on a 482 or 457 Visa do not work a full financial year in their year, and they also have various work related expenses they can deduct from their annual tax return.  This can typically result in a material tax refund, certainly in the first year, and often in subsequent years.

The Landas Tax Express product is designed to achieve two primary objectives:

• Ensure you are compliant with your Visa by helping you submit your annual tax return,
• Ensure your relevant income and permitted work related and other tax deductions are incorporated in your final annual tax return, to create an accurate return and provide you with any refund entitlements

In turn, a refund can allow you to pay down existing debt and expense liabilities sooner, allowing you to refocus on your next critical milestone toward Permanent Residency.

Landas works with a specialist Visa Tax advisor, Kensington Financial Partners (KFP) to drive the preparation of your annual tax return.  Landas and KFP in turn work with you and often with your employer to aggregate all the relevant documents and receipts to substantiate your tax return.

KFP prepares a draft tax return for you to review and help finalise.  Following the June 30 year end, KFP will incorporate your annual work income statement, referred to as a Group Certificate to finalise your tax return.

The Group Certificate will confirm your earnings in that financial year to 30 June, and also the amount of tax that has been withheld during this period.

Key Steps:

• Contact Landas to sign up for the Tax Express offering
• Coordinate with KPF and your employer to prepare your initial return details, including expenses incurred to that point and expected
• Incorporate your Group Certificate details from June 30 when received
• Sign a final tax return, allowing KFP to submit on your behalf
• Receive your final tax notice from the ATO, and refunds due

If you are expected a tax refund, Landas can help you arrange a Tax Advance Loan of up to $10,000.  This is designed to be flexible, so you can repay the loan with your Tax Refund expected to reduce the cost of the loan.

Please contact us to learn more about the Tax Express offering.  mypathway@landas.au