If you are planning to come to Australia on a student visa that includes working rights, the acquisition of a tax file number could help you earn more money and pay less tax faster. Overseas travel is a fantastic way of broadening your intellectual horizons and the prospect of exciting new cultures and eye-opening experiences can greatly enhance your academic capacity.
Australia offers a wealth of cultural diversity for young people. With a vibrant music and arts scene, great nightlife and so many places of interest to consider, your tax file number might not seem too important while you are still making plans to arrive here. Leave your application until the last minute, however, and any plans you have of working to subsidise your stay in Australia can be seriously hindered.
Why is my Tax File Number so Important?
The friendly nature of Australian people is sure to lead to many exciting social opportunities and it isn’t unusual the students to find themselves whipped up in the fantastic nightlife of places like Sydney, Melbourne or Canberra. Naturally, late nights require additional money and budgets can quickly disappear. You can also visit this link http://www.taxreturnco.com.au for more information. By obtaining a tax file number on the back of your working student visa, you will be able to take on work and pay reduced tax rates.
When you find paid employment in Australia as a non-resident, the typical wage deduction rate on earnings is 29.5%. If you don’t have a tax file number, emergency tax is applied at a significantly higher rate of 46.5% and this can make a huge difference to the amount of money you receive in your paycheques. In effect, almost half of your wages will be sucked away in taxation.
The Typical Application Process
The Australian Government cannot accept tax file number applications until you have landed on Australian soil. You can also visit this site for more information. Once an application is submitted, students can expect a turnaround time of approximately 28 working days before their tax file number is confirmed and throughout this period, any earnings made will be subjected to the highest deductible tax rates. By losing almost half of their money in taxation, students can soon find themselves short of money and unable to cope with the financial demands of living overseas.
Luckily, the tax file number application process can be sped up significantly by making a submission before leaving for Australia. By completing our simple form in advance, applications can be held on file and as soon as a student arrives ‘down under’, the registration process can begin and a tax file number can usually be received inside 10 working days.
Many students arrive in Australia with spare time available before their studies start and travelling is often a priority. By making an advanced application for a tax file number, it is possible to travel anywhere in Australia in the safe knowledge that confirmation will be sent out to you by electronic mail. If you need to know more you can click here also. As long as Internet access is available, you can pick up your tax file number anywhere in Australia without the need for a permanent address.
Think smart and make an application for your tax file number at the earliest opportunity. Pay less tax faster and have more cash to live on during your trip to Australia.